Property investment, management and development group Hongkong Land officially unveiled its Westbund Central project with an investment of more than 60 billion yuan ($8.28 billion) in Shanghai on Wednesday, according to the Hong Kong-based company.

Having a total gross floor area of about 1.8 million square meters, the project comprises 240,000 sq m retail space, 650,000 sq m Grade A offices, 160,000 sq m of high-end waterfront residential apartments, 50,000 sq m of two luxury hotels, as well as over 50,000 sq m of cultural and art venues with supporting facilities, said Michael Smith, CEO of Hongkong Land, during the launch ceremony on Wednesday.

"In our 27-year history of successful investments in the Chinese mainland, the group has developed the finest quality residences, offices, hotels and retail. Westbund Central is the group's largest-ever single investment, which epitomizes our strategic pivot to focus on developing ultra-premium properties in Asia's gateway cities," Smith said.

Hongkong Land officially launched its ultra-premium integrated commercial brand portfolio Central on Wednesday. According to Smith, a total investment of more than 83 billion yuan has been committed to the Central series with a construction scale of about 2.9 million sq m to date.