Extension announced for Beijing's INDIGO development

Hong Kong property developer Swire Properties announced it will collaborate with Sino-Ocean Group to develop an extension of INDIGO Beijing, a mixed-use project, on a site adjacent to the existing development.

The total investment for this new development is expected to be 23 billion yuan ($3.52 billion). Swire Properties and Sino-Ocean Group will have a 35 percent and 64.79 percent interest in this new development, respectively.

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 square meters excluding car parks, and will contain a shopping mall, office towers and hotel.

Since its opening in 2012, INDIGO, Swire Properties' second venture in Beijing's property market following Taikoo Li Sanlitun, has transformed the surrounding neighborhood of Jiangtai and become one of Beijing's leisure and business destinations.

The current INDIGO project encompasses a shopping mall containing over 170 shops, a 25-story Grade-A office tower, and EAST Beijing, Swire Hotels' first EAST-branded business hotel in the Chinese mainland.

Wang Yugang contributed to this story.