China Overseas launches apartment project in New Jersey with focus on US buyers

China Overseas Holdings has released its first US luxury residential development in New Jersey, targeting primarily US buyers who may be drawn by its proximity to Manhattan and New York’s financial district.

The waterfront 79-storey luxury condominium, named 99 Hudson and in the Paulus Hook neighbourhood of Jersey City, will be the tallest building in New Jersey. Prices at the 781-unit development start at US$800,000 for one-bedroom units, while two-bedroom flats cost US$1.5 million. Details of unit sizes and prices per square foot were not available.

“We selected Jersey City based on its developing reputation as a centre for arts and culture, its proximity to some of the largest financial institutions in the world such as Goldman Sachs and Bank of America Merrill Lynch, and its potential for long-term economic growth,” said Cindy Xu, chairwoman of China Overseas America, the US division of China Overseas Holdings, in a media release.

While the project will also be marketed to Chinese and Hong Kong buyers, the focus on local US buyers primarily marks a shift in emphasis for a Chinese developer.

Dalian Wanda Group, for example, primarily targeted buyers in Hong Kong as one of three markets for a residential and hotel development in Australia called Wanda One Sydney. The now stalled Forest City project in Malaysia, by developer Country Garden, was targeted at Chinese buyers.

Mandy Wong, head of international properties at JLL in Hong Kong, said one reason for the focus on local buyers was the growing population in New Jersey, from where there is easy access to Manhattan Midtown and Wall Street, and which can offer greater affordability and larger living spaces.

“The rental market (in New Jersey) is very active and hence suitable for investors looking at a reasonable yield,” she said.