Decade-Long M-U Development in Inland China Completes 13th Phase
- Apr 10, 2013
By Alex Girda, Associate Editor
A decade-long development effort by Sunac Real Estate was recently commemorated during a ceremony organized by the developer. Sunac is celebrating the completion of Sunac Olympic Garden Phase 13, part of the development process of the Sunac Olympic Garden urban complex. The company has completed a number of both residential and commercial constructions over the past decade in the area, buildings whose designations have ranged from its initial infrastructure-based plans to its current, more diversified, slate of developments.
Sunac Olympic Garden is a 19 million-square-foot mixed-use development, one of the largest of its kind in the Chongqing area. Offering the opportunity for both high and midrise housing, the project also features townhome-style properties, detached villas and commercial space. The Olympic-themed megadevelopment also features an entertainment and business center and a regional education center.
After carrying out infrastructure work on roads in the Chongqing area, Sunac Real Estate began filling available land parcels with large amounts of housing and, in the 2004-2007 timeframe the company built an entire town’s worth of residential property. The education center is a 645,000-square-foot development, housing a middle school currently affiliated with Peking University, the first instance of a first-class, upper tier form of education in the province. The investment in the area’s education stood at around 150 million yuan, or about $24 million.
Also part of the newly-built community is a large entertainment and leisure component, meant to elevate the area’s standards for commercial venues. Sunac managed to attract the UN’s attention during the Global Habitat Awards, first awarded in 2005 at Global Forum of Human Settlements and Environment, held in Shenzen. Sunac Real Estate was awarded a real estate “Oscar” for its work on the Olympic Garden project, making it the only project in the city to be garnered with the honor.
Chongqing is one of the five national central cities in the People’s Republic of China, with a population of around 29 million. It is one of only four direct-controlled municipalities in the country, alongside Beijing, Tianjin and Shanghai, and the only one of its kind located in inland China.