Singapore-listed property developer KOP Ltd (KOPL) has broken ground on its first hospitality venture in Shanghai, China, Wintastar Shanghai.
Located in Pudong District’s Lingang area, Wintastar Shanghai is a multi-billion renmimbi project with a total gross floor area of 227,000 sq m (2.44 million sq ft). It is jointly invested and developed by Shanghai Lujiazui Development (Group) Company Limited; Wintastar Holdings, a subsidiary of KOP Limited (Singapore); and Shanghai Harbour City Development (Group) Co. The three parties have set up a joint venture company (JVC) - Shanghai Snow Star Properties Co. Ltd - to develop the resort.
Designed by Italian architect, Massimo Mercurio of Singapore-based Mercurio Design Lab, the integrated resort will have a 90,000 sqm ski and snow park, a 28,000 sqm water park as well as 11,000 sqm of retail, F&B and public exhibitions. It is slated for completion in 2022 .
The ski and snow park will be operated by Majid Al Futtaim, the company behind Ski Egypt and Ski Dubai; the latter is the first indoor ski and snow attraction in the Middle East, and has held the “World’s Best Indoor Ski Resort” title for two consecutive years. Wintastar Shanghai is Majid Al Futtaim’s first foray into China.
Wintastar Shanghai will also feature KOPL’s self-managed hospitality brand, Montigo Resorts, with four themed hotels offering over 1,000 rooms in total.
“This is KOPL’s largest project so far,” said Ong Chih Ching, executive chairman and executive director of KOPL. “The timing for Wintastar Shanghai could not be better, with Chinese consumers yearning for travel, leisure, novel experiences, and winter sports being the next big thing in China because of the Beijing Winter Olympics 2022.”
According to Ong, the large-scale mixed-development will also offer opportunities for KOPL “to build new income streams” that is recurring and will provide “sustainable growth going forward”.