Chinese market sees boom in second-tier cities

SPREADING THE NEWS: Zhang (left) and Kok (right) poses for a photo with a colleague during the property exhibition and talk here yesterday.

KUCHING: The Chinese property market, which has been ‘booming’ for the past decade, remains unaffected by the economic crises in the European Union and the US as the development spreads rapidly to its second-tier cities.

“The rapid growth can be observed most clearly in the past two years where the market is truly starting to pick up in these cities,” said Hong Kong Neptune Group sales manager, Ricky Zhang when interviewed before his talk on the Chinese property market here.

Zhang commented that one of such developing second-tier cities was Chengdu, where the company’s Neptune Center project was located.

“Chengdu is the heart of Sichuan where a lot of tourist attractions are located. Apart from being a city rich in culture, it is also rapidly developing as a trade and financial district as well as a science and technology centre,” said Daley Kok, senior sales director of Centaline Property Agency Pte Ltd, the exclusive marketing agent for the Neptune Center.

Kok highlighted that the strategic location of Chengdu, as the halfway point between many prosperous cities in Mainland China, has led to it be the focus of the development within the country today as the government had intentions to balance out the development of the nation.

“Some have even pegged the city as China’s very own Silicon Valley,” Kok mused.

The Neptune Centre is located at Chengdu’s ‘new centre business district’, nestled among the offices of many multinational corporations and high-end hotels, thereby elevating the demand for the service apartments it offers.

Kok noted that this opportune investment was not to be missed. According to him, prices for properties in the first-tier cities such as Shanghai had increased up to RMB60,000 to RMB100,000 per square metres while prices in Chengdu remained at RMB12,000 to RM20,000 at this juncture.

“As such, we can see that Chengdu’s property still has a lot of room for further growth,” he added.

The 31-storey serviced apartment block is part of the Neptune Center project which includes a residential block and an office block. Its units, upon handover to buyers, would be fully furnished and fitting and ready for moving in.

“There are also amenities and facilities within the building to add to the convenience of tenants. For example, there will be a food street around the vicinity, retail and commercial units at the first floor, a 4,000-square-metre club house occupying the second and third floor where tenants can find an indoor pool, lounge and gym,” Kok explained.

He added that there would be concierge services that could assist investors to maintain the units or even rent them out during long periods of absence.

Sizes of units range from 51.09 to 99.35 square metres and the prices range between RMB14,000 to RMB19,000 per square metre.

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