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Wharf aims to repeat HK success in Chengdu
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CHENGDU International Finance Square, the flagship project of a new series of Wharf (Holdings) Ltd developments on the Chinese mainland, got off to a stellar start in 2014.
Located in the bustling Chunxi Road core commercial precinct of the southwestern Chinese city, the 760,000-square-meter, mixed-use development includes a high-end shopping mall, premium Grade A office space, a five-star hotel and luxury apartments. It has quickly emerged as a new landmark in the heart of the city.
The occupancy rate of the retail mall is nearly 100 percent. The outside entry features a 15-meter-tall giant panda — an attraction for local consumers and tourists alike in Sichuan Province, home of the pandas.
The mall has already won a number of local and international awards, including the “Asia Pacific Shopping Center Gold Award” from the International Council of Shopping Centers and the “Best 10 Shopping Spaces” in the Asia-Pacific Interior Design Awards.
In an e-mail interview, Christina Hau, Wharf China Estates Limited General Manager (Operations), shared with Shanghai Daily some of her thoughts about the Chengdu project and similar projects in the Chinese cities of Changsha, Chongqing, Wuxi and Suzhou.
Q: Describe the International Finance Square project in Chengdu. How has it fared against expectations? When will it be fully open?
A: Since its opening, innovative initiatives have driven the growth of foot traffic in the shopping mall by more than 250 percent. We also posted remarkable 400 percent growth in operating revenue during last year. A line-up of luxury brands has sustained retail momentum.
The shopping mall opened in January 2014, and Tower 1 of the premium Grade A office buildings also went into operation. The five-star hotel, with about 230 guestrooms, will be opened in March, and luxury apartments will come on the market in the second half of this year.
Q: What’s the timetable for other International Finance Square projects on the mainland?
A: The group is developing a series of five IFS projects. The one in Chengdu opened in January 2014. The one in Wuxi was also completed last year. The Chongqing and Suzhou International Finance Squares will be finished in 2016, and the one in Changsha in 2017.
Q: What kind of role do these projects play in Wharf’s overall expansion plans in China?
A: Advancing our longstanding mission of “building for tomorrow,” Wharf has deployed tremendous resources into property developments in China.
By following our successful model of Harbour City in Hong Kong, we have embarked on a series of International Finance Square projects. In each case, they are conceived as a “city within a city.” They all are sited in prized locations in the commercial hubs of the respective cities and are set to become landmarks in their own right. They have captured a lot of attention.
Given the wide brand recognition of Harbour City and Times Square in Hong Kong, Wharf is confident that its projects in China will become an outstanding brand on the mainland.
The first International Finance Square project, in Chengdu, involves a total investment of 16 billion yuan (US$2.5 billion). Wharf has drawn on its decades of expertise in developing and managing world-class shopping malls and enjoyed the support and trust from many retailers in building this integrated complex in Chengdu.
Q: Compared with international rivals also doing commercial developments in China, what is your key strength?
A: We paid particular attention to our competitors and the best existing projects in Chengdu when we conducted market research in the city. We have used our advantages in hardware and software to perfect property management at the Chengdu project. We have relied on our unique and perceptive understanding of the market and on our sophisticated property investment insights and management resources.
These attributes are complemented by our unique training program for property management personnel, the massive draw of the brands featured in our malls, the top-quality tenant mix and our innovative arts and cultural promotional programs.
Q: How does Wharf view the commercial property market in general on the mainland?
A: We have attached tremendous importance to our development strategies and planning for the mainland market. Wharf focuses on enriching and diversifying its mainland investment property portfolio to generate sustainable and regular income for the long term. We are particularly optimistic about the prospects in a city like Chengdu, which acts as a magnetic hub serving the city and the whole of Sichuan Province.
Chengdu has a very high potential in terms of economic growth. Consumers there, compared with shoppers in northern China, are more confident about spending money on fashion items and are more fascinated with luxury brands such as Chanel, Christian Louboutin, Dolce & Gabbana, Roger Vivier and Van Cleef & Arpels.
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