Savills Residence achieves record leasing performance in Shenzhen

06 April 2016

Leading international real estate adviser Savills announced recently that Savills Residence Daxin Shenzhen Bay achieved an occupancy rate of over 50% within eight months after the opening of the first block (200 units) in July 2015.

Located on Houhaibin Road and adjoining the Sunny Seaside residential complex, Savills Residence Daxin Shenzhen Bay benefits from being situated in the most preferred area of community living in Shenzhen and in proximity to a number of international schools. It is also close to the Shenzhen Bay Port, while the metro is just a minute’s walk away. It is owned by Shenzhen Daxin Industry Co., Ltd Shengshi Branch Company and managed by Savills Residence.

Strong leasing momentum

The first block of Savills Residence Daxin Shenzhen Bay contains 200 units and has achieved an occupancy rate of over 50% since the launch in July 2015. A combination of accurate positioning, flexible rental rates and the strong reputation of Savills has contributed to the leasing performance of the project.

Kevin How, General Manager of Savills Residence Daxin Shenzhen Bay said: “Savills Residence Daxin Shenzhen Bay enjoys a competitive advantage as compared to other existing/older projects in the Shenzhen market. Therefore, there is scope for increase in the future. Nevertheless, the main focus of Savills Residence Daxin Shenzhen Bay is to enhance the brand image of Savills in southern China and beyond.

Local demand on the rise

The demand for serviced apartments has changed with the development of the hospitality market, with local tenants accounting for an increasing percentage. Most tenants of Savills Shenzhen Daxin Bay are local Chinese.

Kevin How, General Manager of Savills Residence Daxin Shenzhen Bay said: “Currently, local Chinese dominate the demand for serviced apartments, and new projects are always favoured by local clients who prefer the brand-new environment. As an emerging trend in the Shenzhen market, serviced apartments will attract an increasing number of people looking for a different experience, and we will meet their needs by ensuring a pleasant stay with us.”

A new benchmark for serviced living

Since its estabishment in 2009, Savills Residence has been dedicated to providing professional advisory services and value-added solutions for investors looking to invest in serviced apartment assets. The team has gained strong expertise in managing serviced apartment projects as well as an insightful understanding of the leasing market.

Savills Residence offers a full range of services from the initial design, development and configuration of buildings, through to marketing, management and ongoing operation under the Savills Residence brand. Savills Residence Daxin Shenzhen Bay is the first serviced apartment project that Savills Residence operates in southern China.

Within eight months of its launch, Savills Residence Daxin Shenzhen Bay achieved an occupancy rate of 50%, establishing itself as a benchmark project in southern China. In Shanghai, Savills Residence Hongqiao is now fully occupied, while Savills Residence Sunland, an upcoming development in Waigaoqiao Free Trade Zone featuring lake views and a golf course, will be an exciting addition to the Savills serviced apartment portfolio.

Ingrid Kamphuis, Director of Savills Residence said: “Savills Residence has now established a firm presence in China since its formation seven years ago. Starting with Shenzhen, we will continue to explore opportunities in southern China, with further plans of expansion into the northern and northwest regions over the next five years. I firmly believe we will have a network of 25 Savills Residence projects around China by 2020.”

Albert Lau, CEO of Savills China said: “Savills Residence is a high-end serviced apartment brand operated by Savills. The concept of a high-end serviced apartment introduced by Savills is being widely recognised as this submarket reaches a higher level of maturity. Benefiting from Savills profound heritage and over 20 years of local market experience, Savills Residence will continue its vision of leading the serviced apartment market.”

 
 

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