Initial phase tops out in Beijing CBD mixed-use center
A joint venture of Kerry Properties Ltd., Shangri-La Asia Ltd. and Beijing Jia Ao Real Estate Development Co. Ltd., Beijing, has topped out the first phase of its Beijing Kerry Centre in Beijing's central business district. Scheduled for completion in phases between late 1998 and first quarter 1999, the US$300 million development will include office, multifamily, hotel and retail space.
Twin, 31-story office towers comprise the first phase slated for completion. Additional phases will feature 195 apartment units, an approximately 15,000 sq. meter shopping mall, a 517-room hotel and a 15,000 sq. meter clubhouse.
Koll Real Estate Group establishes Malaysia presence Representing its first real estate project in Malaysia, Newport Beach, Calif.-based Koll Real Estate Group has formed an alliance with Kumpulan Guthrie Berhad, a Southeast Asian multinational conglomerate, to develop Guthrie Aerospace Park in Kuala Lumpur.
Koll is responsible for the planning, design, entitlement, marketing, sales and leasing of the 142-acre business park, which will accommodate the specialized facility needs of the aerospace, aviation and high-tech industries. Located in Guthrie Corridor, a 12,000-acre masterplanned business and residential community, the project is adjacent to Subang International Airport.
Golub-Europe opens first modern office in St. Petersburg A 180-year-old former residential building in St. Petersburg, Russia, has been converted into a 100,000 sq. ft. first-class office and retail building called Atrium at Nevsky 25. The $30 million redevelopment and restoration is a project of a public/private partnership of Golub-Europe LLC, which is an affiliate of Chicago-based Golub & Co.; the European Bank for Reconstruction and Development (EBRD), London; the city of St. Petersburg Property Committee; and two Russian companies. More than 35% of the building has been leased to such tenants as British Home Stores, the EBRD and General Health Care.
Enterprise, Le Groupe Presud form joint venture Canadian real estate management company Enterprise Property Group and Le Groupe Presud Inc., a Quebec-based real estate developer and third-party property manager, have formed a joint venture to operate as Presud Inc. The venture will continue and enhance Le Groupe Presud's current property, facility and asset management services in the Quebec market.
JLW, Healey & Baker concur: Retailers are eyeing eastern Europe Reports from Jones Lang Wootton and Healey & Baker concur: Retailers are zeroing in on the Czech Republic, Hungary and Poland.
Shopping for New Markets, a study issued by Jones Lang Wootton, New York, in conjunction with the Oxford Institute of Retail Management, covers retail expansion across Europe's borders and finds that the number of cross-border moves in the '90s is almost double that of the '80s. While key countries targeted by retailers during the '90s have been the United Kingdom, Spain, Germany and France, the report finds that, from 1995 to 1997, 30% of all cross-border activity has taken place in the Czech Republic, Hungary and Poland. Interest is also increasing from retailers in southern Europe, particularly Greece and Turkey.
Main Street Across the World 1997/98, a survey by Healey & Baker, London, a member of Cushman & Wakefield Worldwide, shows that international retailers are looking for outlets in central and eastern Europe, particularly Poland, Hungary and the Czech Republic. Other less developed markets attracting attention include Romania and Slovenia. The survey also reports that Hong Kong's Causeway Bay is the most expensive retail location in the world. New York's East 57th Street is in second place, and Trade House Gum, Moscow, ranks third.