Sinar Mas-Portman deal

Sinar Mas-Portman deal

JAKARTA (JP): The Singapore office of Sinar Mas Group, a Jakarta-based conglomerate controlled by Eka Tjipta Widjaja, has selected John Portman & Associates of the United States to design a new high-rise landmark complex in Shanghai's historic Bund district in China.

In a statement made available to The Jakarta Post yesterday, John Portman & Associates stated that the 1.6 million square-foot (150,000 square-meter) project, named Shanghai Golden Bund, signals the renaissance of Shanghai as an international financial capital.

They stated that the construction of the project, comprising 70 percent of office space, 20 percent apartments and 10 percent retail outlets, will begin in the early summer of next year.

The site is in the prominent Huangpu district, where the historic European banking halls were established after the run of the century. The municipal government intends to renovate the historic buildings for financial use.

"We are greatly honored to be selected for such a high profile project," John Portman, founder of the John Portman & Associate, stated.

Sinar Mas Group provides real estate and financial services, as well as having interest in pulp and paper, plantations and vegetable oil refineries.(icn)