Lifestyles of the young and healthy

Kerry Properties sees gold in the emerging market catering to up-and-coming professionals

A younger, up-and-coming generation in Shenzhen is starting to emerge as a serious force in the luxury property market. Unlike their older counterparts, people in the 30-40 age group are concerned more about quality of life than slaving away and saving for the future.

Feng Ying, general manager of Kerry Properties (Shenzhen), sees them as a promising target audience. This generation is willing to spend most of their income on improving their living environment, she says. They are looking for quality lifestyles and are more health-conscious. They enjoy good food and trendy activities such as playing golf and having spa treatments.

Sales at Kerry Properties' latest luxury residential development, Arcadia Court in Shenzhen, have been indicative of the emergence of this new demographic profile.

Ms Feng said the project had seen a strong response from young professionals in law and accounting, and advertising executives, with local buyers making up more than 70 per cent of sales.

Arcadia Court is situated in a prime location -- Shenzhen's Futian District, which has become the city's new business, administrative, and cultural centre. It is where the city government has its headquarters in the massive Civic Centre, where the huge new International Exhibition and Convention Centre will open later this year, and where the new Cultural Centre is going up.

As Shenzhen's centre of gravity has moved westward from Lowu, so too has the buying power of its high-spending residents. Increasingly, both locals and foreigners are moving into the district, according to Ms Feng.

The reasons are obvious: people want to live in a prestigious district and within a community that has comprehensive entertainment and cultural amenities.

Occupying a total site area of approximately 33,600 sq m, the Arcadia comprises eight towers of high-end apartments offering a total of 532 units. They range from two-bedroom apartments of 87 sq m to deluxe penthouses of 500 sq m.

More than 90 per cent of the apartments have been sold since its launch last year. The average selling price for the most recent transactions was approximately 12,000 yuan per sq m. According to Ms Feng, this is 15 to 20 per cent higher than that achieved by other developments in the same location and of similar size.

The top-floor penthouses are selling at around 8 million yuan each.

Adding to Arcadia's appeal is its green environment and luxurious clubhouse facilities. The landscape garden occupies about 67 per cent of the site for development.

The 3,500 sq m hotel-style clubhouse offers a wide array of facilities for its residents including swimming pool, gymnasium, billiard room as well as multi-purpose function rooms.