Four Seasons Place offers luxury living for Shanghai flat owners

Shanghai tower development aims to woo wealthy buyers from around the region

PUBLISHED : Wednesday, 28 November, 2012, 12:00am
UPDATED : Wednesday, 28 November, 2012, 3:13am

Developer Shui On is offering wealthy buyers units in its Four Seasons Place in Pudong, Shanghai, priced at more than 20 million yuan each.

Managed by the Four Seasons Hotel and Resorts, its private residences are located above the Four Seasons Hotel on the 42nd to 55th storeys of the tower.

The property was developed by Shui On Group in partnership with HPL and PGR Real Estate.

The average price at which the units are on offer is about 175,000 yuan (HK$216,000) to 180,000 yuan per square metre, according to marketing agent Savills. The units range in size from 143 square metres to 360 square metres.

There 73 units in the development and the first batch of some 20 per cent was sold in Shanghai in August. Now the developer has begun a marketing campaign covering several countries, including Singapore, and plans to sell 10 to 15 units in Hong Kong.

"More than 100 potential buyers showed up at the weekend exhibition, which was held on November 24 to 25," said the spokeswoman. But so far only a couple of deals had been clinched, she said.

Four Seasons Place provides residents with access to all of the hotel's services and amenities. It is one of the most expensive, luxury residential properties on sale in Shanghai.

According to a research report by property consultant CBRE, the average asking price of luxury apartments in Shanghai in the third quarter edged up by 0.3 per cent quarter on quarter to 59,617 yuan per square metre.

However, uncertainties remain in the luxury residential market, according to CBRE. The rebounding transaction volumes in recent months were heavily dependent on the owner-occupier demand, triggered by the price discounts offered by developers. But this is thought to be a temporary hike, rather than a sustainable one.

CBRE said the residential market was expected to remain stable in the coming six months.