Shanghai's US$41 million dollar office
Forget lounging in the world’s tallest hotel, that’s a fun one-off event. Imagine going to work every day and looking down on the Jinmao from your perch in the Shanghai World Financial Center (SWFC), China’s tallest building. Now that’s something to brag about over Thursday martinis at Yucca.
The Wall Street Journal reports that the owners of the 101-story SWFC have deals in the works to sell five of the top floor in the building for approximately RMB 273 million (that would be just over US$41 million), each.
The Shanghai World Financial Center, the third tallest building in the world and the tallest building in mainland, is currently 80 percent occupied, according to Michiho Kishi, a spokesman for Mori Building China, the tower’s developer.
Selling off individual floors is a break from Mori’s traditional “only for rent” operation model for commercial properties, notes China Business News.
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The 492-meter skyscraper has been plagued with a high vacancy rate since it began looking for clients after completely the project in summer 2008, and is only now turning itself around, according to state media reports.
Other recent sales in the building include floor 68 for RMB 273 million, floor 72 for RMB 267 million and floors 69, 70 and 71 for a total 769 million, according to the same WSJ report.
While astounding in terms of Shanghai real estate, which has a reputation in mainland China for excessively high land prices, their SWFC floors’ price tags are less of a shock for those used to the Hong Kong market where offices are regularly four times the price of similar Shanghai offerings.
Mori has said developing Shanghai World Financial Center cost about $1.13 billion, roughly $11.2 million per floor.