Annual Report - QuamIR

Management Discussion and Analysis (Continued)
Tianjin
In Tianjin, the superstructure works for all the phase 1 Hongqi South Road
villas have been topped out, and construction is expected to be completed
by the second half of 2012. The sales office was completed and opened
during the year, and presales were launched in 2010.
Construction for phases 2 and 3 of the Hongqi South Road residential project
is progressing well. Excavation and basement work has been substantially
completed, and work has commenced on the superstructure, with the
superstructure now reaching the lower floors. The construction is expected to
be completed in stages, with the
entire project completed in the first
half of 2014. Pre-sale of phase 2
was launched in the fourth quarter
of 2011.
At Tuanbo Lake, the reclamation to
create 836,000 sq.m. GFA of land
bank was completed and handed
over to us in 2011. Upon the
promulgation by the government of
the controlling planning parameters
for the area, the Group will
commence the master plan design
for the project.
Eka Garden at Hongqi South Road, Tianjin
836,000
Shanghai
The Shanghai Grade A office market remains strong. Demand for office
space is strong from both foreign and domestic companies given the robust
domestic economy, foreign investment, and employment growth. Moreover,
the completion of new infrastructure has slowly transformed the Hongkou
district into a more attractive area. Completions include the International
Cruise Terminal, a road connecting to the Bund, and new subway stations.
As such, prospects remain positive for the Group’s two commercial
developments in the Hongkou district. For the Group’s North Bund project,
piling work and half of the basement work for the hotel tower have been
completed. Superstructure work on the hotel tower has now commenced,
with the hotel tower now reaching above the 20th floor. For the office tower,
excavation work has been completed, and work has now begun on the
basement structure, which should be completed by early 2012.
Construction work for the Sichuan North Road Lot 108 development
commenced on 25 October 2011. The project is expected to take four years
to be completed.
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