BEIJING, Feb. 4, 2011 /PRNewswire-Asia-FirstCall/ – Lotus Pharmaceuticals, Inc. (OTC Bulletin Board: LTUS) ("Lotus" or the "Company"), a fast-growing, profitable developer, manufacturer and seller of medicine and drugs in the People's Republic of China ("PRC"), today announced that it will add two additional stories to its new headquarters building in Chaoyang District, Beijing, which is currently under construction and is scheduled to be completed in the second quarter of 2011.
The facility was originally designed to have nine floors with a gross area of approximately 25,000 sq. meters (269,000 sq. feet) and house the Company's GMP-certified manufacturing facility, 10,000 sq. meters (108,000 sq. feet) of storage space, a research and development center, and Lotus' main administrative offices. The two new floors will contain between 90 and 120 apartments for employees and will add approximately 9,000 sq. meters (97,000 sq. feet) of space to the building, bringing the total gross area to 34,000 sq. meters (366,000 sq. feet).
The incremental cost for the new construction will be approximately $9 million, which includes design, materials, and labor costs, as well as expenses for approval and public relations. The Company expects the facility to be completed by the end of June 2011, in line with management's previous estimates.
Lotus expects its total investment in the construction of the Beijing facility to be no more than $48 million, of which $36 million had already been paid by the Company by the end of 2010. At the current market price of $3,000-$3,700 per sq. meter (approximately $279-$344 per sq. foot) in Beijing, the total market value of the building is estimated to be $102-$126 million.
Dr. Zhongyi Liu, Lotus' Chairman and CEO, stated, "In order to better motivate our staff, the Company decided to add two new stories onto current construction
|SOURCE Lotus Pharmaceuticals, Inc.|
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