SINGAPORE - Catalist-listed property developer KOP on Thursday (Aug 30) announced the groundbreaking of Wintastar Shanghai, a multibillion-renminbi integrated resort in China slated to open in 2022.
The project will feature the world's largest indoor Ski & Snow Park, which in turn will be operated by Ski Dubai operator Majid Al Futtaim.
Wintastar Shanghai is a joint project by Shanghai Lujiazui Development (Group) Company, Wintastar Holdings - a subsidiary of KOP - and Shanghai Harbour City Development (Group) Co. The three parties have set up a joint venture company (JVC), Shanghai Snow Star Properties Co, to develop the Wintastar Shanghai project.
Ms Ong Chih Ching, executive chairman and executive director of KOP, said: "This is KOP's largest project so far, and we are excited to work alongside our strong local partners to push new boundaries and introduce new and innovative concepts to the Chinese market. The large-scale mixed-development will also offer opportunities for KOP to build new income streams, many of which are recurring in nature, for our sustainable growth going forward."
With a total gross floor area of 227,000 square metres, Wintastar Shanghai's highlight is the alpine-themed 90,000 sq m Ski & Snow Park, with three ski slopes of varying gradients including a slope of Olympics standard for training purposes; ski runs, and over 25 snow play attractions. Other apres-ski activities include retail, F&B (food and beverage), a spa, a Nordic-themed water park, show events, exhibitions and performances.
Meanwhile, KOP's hospitality brand will make its first foray into China with four themed hotels offering 1,000 rooms at the project - Montigo Luxe, Montigo Hotels, Montigo Residences and Montigo Ice. Montigo Resorts owns and manages two operational resorts in Nongsa, Batam, and Seminyak, Bali, in Indonesia.
When completed in 2022, Wintastar Shanghai expects to attract an estimated 3.2 million visitors annually on a stabilised basis, mainly from China.
The groundbreaking event held in Shanghai on Thursday was attended by Ms Sim Ann, Senior Minister of State for the Ministry of Communications and Information & Ministry of Culture, Community and Youth, as well as Mr Chen Jie,Party Secretary of the Shanghai Lingang Administrative Committee.