January 1, 2021
Phase Two extension of Indigo Beijing to commence work
Swire Properties recently announced that it will collaborate with Sino-Ocean Group to develop an extension of Indigo, Beijing, on a site adjacent to the existing development.
The milestone was announced earlier after the two companies were notified of the success of the joint bid at a listing-for-sale (by way of capital contributions) to acquire 99.79% of the equity interest in a company which holds two land parcels with a site area of approximately 44,300 sqm and 34,000 sqm, respectively, located to the east of Jiuxianqiao Road, in the Jiangtai Township of Chaoyang District, Beijing.
The two land parcels, which are located adjacent to the current Indigo project, will be developed as an office-led, mixed-use extension of the existing development with an expected total gross floor area of approximately 393,550 sq m (excluding car parks), and will comprise a shopping mall, office towers and a hotel. The total investment for this new development is expected to be RMB23 billion. Swire Properties and Sino-Ocean Group will have a 35% and 64.79% interest in this new development, respectively.
Since its opening in 2012, Indigo has transformed the surrounding neighbourhood of Jiangtai and become one of Beijing’s popular leisure and business destinations. The current Indigo project has a total gross floor area of approximately 176,000 sq m, encompassing an 87,000 sq m shopping mall with over 170 shops; the 25-storey Grade-A office tower One Indigo; and East, Beijing, Swire Hotels’ first East-branded lifestyle business hotel in the Chinese mainland, which offers 369 rooms and suites.