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SCMP Reporter

Residential rents in Shanghai continue to fall because of an over-supply of flats, says a report from FPDSavills.

 Rents for luxury apartments in Puxi slid from about US$29 per square metre per month during the fourth quarter of last year to about $27 per sq metre last month.

 Rents for villas in Puxi dropped by five cents per sq metre to about $30 per sq metre last month, said the report.

 In Pudong, luxury villas slid by 33 cents to $25 per sq metre.

 The FPDSavills report said over-supply was the main reason for falling rents, with tenants having ample leasing choices.

 In the southwest of town, two new developments, the 369-unit Arcadia and the Grand Gateway, which offers serviced apartments, should be ready soon.

 Asking rents in the Arcadia, located in Xuhui District, begin at $24 per sq metre.

 Hang Lung Development's Grand Gateway, located at the junction of Huashan and Hongqiao roads, includes a 34-storey residential block with 264 serviced apartments.

 These range in size from 108 to 149 sq metres. Rents average $24 per sq metre per month and all units are for lease only.

 Also just released on the market is the Villa Beau Rivage in Changle Road near the Hilton Hotel. Asking rents are set at $3,000 per month for a two-bedroom unit and $5,000 per month for a three-bedroom unit.

 Turning to the sales market, the Panorama Shanghai, which offers splendid views of The Bund, is selling for between $1,980 and $4,000 per sq metre. Units in the development are also for rent at $24 to $30 per sq metre per month.

 Another project scheduled to come on the market later this year is Yanlord Garden, on the east bank of the Huangpu River. The development, which includes six low-rise towers, is selling for $1,300 to $1,500 per sq metre.

 Phase one of the project includes 460 units ranging in size from 114 to 185 sq metres.

 FPDSavills said that a total of $7.2 billion was invested in the Shanghai real-estate market in 1998.



Shanghai's glut of flats means rents still falling