Mainland China developer SPG Land (Holdings) has announced plans to diversify from being solely a residential developer into one that develops projects including hotels, shopping centres and offices in order to survive in a highly competitive market.

In 2004, the company entered a 50-50 joint venture with Hongkong and Shanghai Hotels, Limited to acquire a prime site on the Bund in Shanghai where the Shanghai Peninsula project is currently under construction.

With a total gross floor area of 92,520 square metres, the project comprises the 325-key Peninsula hotel, the 39-unit Peninsula Residence and the Peninsula Arcada.

The soft opening of the Peninsula hotel is scheduled to take place in September 2009 while the Peninsula Residence is expected to be offered for private sale by end of 2009.

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