Silk Road Holdings will develop its second Florentia Village Designer Outlet Centre in China.
The company, responsible for the first Florentia Village in China in Tianjin, has swopped on a further development site in the Nanhai District of Foshan in Guangzhou. The new site is expected to deliver a 50,195sqm Designer Outlet Centre to be known as “Florentia Village Guangzhou” and scheduled to be completed in late 2014.
The latest acquisition is part of Silk Road’s strategy to replicate the success of its Florentia Village Designer Outlet concept in multiple gateway cities in China over the next few years.
Silk Road Holdings says Guangzhou is a strategic location for the next Florentia Village due to its transport connectivity, large catchment area of affluent customers and its lack of local competition.
“This is a terrific site in a key area of the country which will further our goal to establish a series of the best in class luxury outlet centres in first and second-tier cities that will ensure Florentia Village represents the definition of luxury outlets across China,” said Jacopo Mazzei, CEO of RDM Asia.
Florentia Village Guangzhou will form part of an adjacent mixed use development including hotel, serviced apartments, and other commercial elements concurrently being developed by Gaw Capital Partners.
The maiden Florentia Village in China was opened last year. It houses 165 stores comprising luxury and premium Italian, international and Chinese brands.
Silk Road is advised by RDM Asia (the real estate development company of the Fingen Group in Asia) as operating and development partner alongside Henderson Global Investors as investment advisor.
While Waitex and Gaw Capital Partners work together with RDM Asia to provide the integral local knowledge and development experience in China.
“Chinese consumers are very brand conscious and expect a sophisticated shopping experience with high quality service and premier brands. RDM’s Designer Outlet Centres provide this combination at significantly discounted prices which we believe is a formula for success,” said Chris Reilly, director of Henderson Property Asia.
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