(Yicai Global) Dec. 19 -- Shanghai Harbour City Development Group started construction today on its Ocean Cube Phase III marine science and technology park with investment of CNY1.1 billion (USD143 million) in Shanghai's Lingang New Area today.

This is the first research and development headquarters project in the area since China cut the ribbon on the Lingang expansion of the Shanghai Free Trade Zone in August, news outlet The Paper reported.

The Ocean Cube Phase III's planned area of 137,000 square meters includes 13 buildings. It will build a modern all-in-one community that integrates offices, scientific and technological services and living functions that is expected to be completed in December 2022. Eight institutions, including Shanghai University Lingang Research Institute, penned settlement agreements at the groundbreaking ceremony today.

Harbour City won the first general-purpose land parcel for R&D headquarters in Lingang -- which is home to US electric carmaker Tesla's newly commissioned Gigafactory -- on Nov. 14, a 46,000 square meter-plot. The company took only 30 days to obtain construction permits on Dec. 13, the fastest such approval of a state-backed enterprise in Lingang ever.

Shanghai laid out plans for Harbour City in 2002 to develop Lingang New City and the nearby offshore Yangshan Deepwater Port. The firm's marine high-tech park has about 200,000 square meters of area complete and 200,000 more under construction or to be built. More than 100 businesses have already settled in the park.

The Ocean Cube Phase III's commencement marks the marine high-tech park's transformation into a headquarters-grade economic entity, Harbour City said, adding it will explore a new urban industrial park development model of 'headquarters, R&D and production,' and build a Marine Silicon Valley with international influence.

Editor: Ben Armour