Wen Jiabao, Premier of the State Council, visited Hubei in May 2012, during which he expressed, for the first time, that the government will put great efforts in establishing Wuhan as the nation’s central city and instructed on well implementation of national strategies and construction of major projects such as the “two oriented” social comprehensive supporting reform of Wuhan City Circle, the Wuhan national pilot city of comprehensive transportation hub and the Donghu National Self-innovation Model Area. Economic integration of Wuhan City Circle was facilitated by optimising industrial specialisation and layout and expediting industry structure upgrade and industry clusters development. The status of Wuhan City in national development strategy has been obviously uplifted, bringing important strategic opportunities for Wuhan to leap forward.
The rental rate level of Wuhan New World International Trade Tower, the Group’s flagship rental property was ahead of other Grade A offices in Wuhan throughout FY2012. Its occupancy rate remained at over 90% and tenants were mainly global-500 enterprises. Currently, there are nine foreign governmental bodies such as consulates and trading institutes which have established their representative offices at Wuhan New World International Trade Tower, making it the project with the highest number of foreign governmental bodies in Wuhan.
The occupancy rate of offices of Wuhan New World Centre, another major rental property project, remained at 97%. Its tenants were mainly renowned medical, finance and trading enterprises. World-renowned medical enterprises, such as Merck Sharp & Dohme, Pfizer, Novartis, GlaxoSmithKline and Bayer, have already started their offices.
The Group’s Wuhan Guanggu New World, a large-scale development complex, is located in Wuchang Guanggu Donghu Hi-tech Development Zone. Currently, Site B, which is designated for residential use, has commenced construction. The project mainly comprised 15 high-rise residential blocks, with constructions such as commercial, club house, kindergarten, finance, community services and over 30,000 sq. m. of greenery garden area, with an aim to offer a multi-functional, refined and high-end living environment.
At present, Wuhan Guanggu New World focuses on launching three brand new residential blocks with 548 units in total. The unit types introduced are mainly one to three bedroom units ranging from 64 sq. m. to 150 sq. m., catering to the needs of the market. From January to May 2012, sales volume of the project ranked among the top three projects in the region and average selling price of its unfurnished units was the highest in the region, demonstrating the superiority of the project.
Wuhan Changqing Garden, a large-scale residential community in Wuhan developed by the Group, comprises more than 10 small communities and commercial social projects. Through more than 10 years of development, the project has been well-established as a multi-functional landmark community complex. Wuhan Changqing Garden will become the intersection point of Wuhan Metro Line No. 2 and No. 6. Of which, the two stations of Metro Line No. 2 at the project are under construction.
During FY2012, Wuhan Changqing Garden launched Changqing Mid-town Centre (常青1/2中心). It is in close proximity to Metro Line No. 2 and Central Commercial Street of Wuhan Changqing Garden and was highly sought after by customers. 300 units of two to three bedroom, either finely-furnished or unfurnished, were launched for the first time in January 2012. The unit size ranges from 93 sq. m. to 130 sq. m.. The sales performance was satisfactory.
Situated at the core intersection of the Second Ring Road and the Third Ring Road of Jianghan District, Wuhan Changqing Nanyuan comprises six 11-storey mid-rise and two high-rise residential buildings. The project is in close proximity to Jin Se Ya Yuan Station of Metro Line No. 2 with a comprehensive range of supporting facilities. The completed Phase I and II residential portions have been sold out. Phase III residential portion, which is under construction, has also been launched to the market in early August 2012. The unit types introduced are mainly two to three bedroom units ranging from 90 sq. m. to 125 sq. m., which caters to the needs of local residents.
Wuhan Menghu Garden is the only high-end lakeside living community within the inner area of Third Ring Road of Hankou. During the year under review, Wuhan Menghu Garden launched the new Section C of Phase III residential portion. Since its launch, it has been the top in the villas market in Wuhan for two consecutive months in terms of sales.