United Engineers Ltd. said its Shanghai Olympic Garden Property Development Co. Ltd. subsidiary can now proceed with the roughly 3 billion yuan development of the next phase of a project in Shanghai, following the completion of the resettlement of farmer households occupying roughly 33,471 square meters of the project's site area.
Phase 3.2 of the approximately 524,082-square-meter Shanghai Olympic Garden project will be developed on a site with a leasehold term of 70 years that started in 2005.
Works on the next stage of the project are expected to begin in the second half with completion slated by 2021-end. It will comprise 517 low-rise apartments with a combined saleable gross floor area of approximately 52,889 square meters.
United Engineers said between 2003 and 2013, Shanghai Olympic Garden Property already developed and sold several phases of the project covering roughly 490,611 square meters and a total gross floor area of roughly 625,919 square meters.
As of March 29, US$1 was equivalent to 6.29 Chinese yuan.