The volume of investments in the megaproject, with an area of more than 400,000 square meters, is estimated at 565 million euros.
Ingka Centres, the company that manages the IKEA business, announced the first multifunctional retail center in China. The project combines not only retail and entertainment components but also a residential complex and numerous workplaces.
The complex, called Livat Changsha, is located in the city of Changsha, the capital of Hunan province. The facility's new "live and work" concept reflects the needs of the urban community and sets a new global standard for large-scale mixed-use complexes.
The mall, anchored by a giant IKEA store, has a total area of 130,000 square meters. The full size of the entire facility is estimated at more than 400,000 square meters. It includes entertainment centers, sports areas, event spaces, cafes and restaurants, parks, and mobile workspaces.
Galleries with fashion brand stores complement the public spaces of the mixed-use complex. The greenery covers a total area of about 12,000 square meters. Sports competitions, concerts, and other initiatives are envisaged to be part of the complex, which will allow its residents to enjoy life all year round.
The mixed-use complex by Ingka Centres is also a reflection of the realization of the tiny home office concept. The "Light by Livat" concept provides comfortable spaces for residents, public areas, gyms, meeting rooms, and other spaces. Developed in collaboration with IKEA, the spaces allow for living, entertaining, relaxing, and working in one place.
The volume of investments in the project is estimated at 565 million euros. It is assumed that the attendance of the complex will be about 20 million people a year. The project is part of Ingka Centers' global vision to develop new sustainable retail centers, and fast-growing China plays a central role in this strategy.
"Livat Changsha is an exciting new chapter for Ingka Centres as we add a new lifestyle concept to one of our meeting places for the first time. We look forward to welcoming the many residents of Changsha to Light bay Livat, a vibrant new concept we have created with our colleagues at IKEA," commented Cindy Andersen, Managing Director of Ingka Centres.