Commercial & Industrial Property News Update

China - Mixed-use Neptune Centre Project Benefits From Chengdu Boom

July 31, 2012

A mixed-use commercial-cum-residential project by Neptune Group is set to benefit from the bullish economy of second-tier city Chengdu.

The Chinese economic boom is soldiering on as rapid development is pushing the country's second-tier cities into the sights of real estate investors.

Located in one such city, Chengdu, the mixed-use office-cum-serviced apartment project Neptune Centre is poised to benefit from the city's potential for growth.

"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 project, which is developed by Hong Kong-based Neptune Group.

He pointed out that as the halfway point between many prosperous cities in Mainland China, Chengdu has been earmarked for significant development within the country today, as part of the central government's efforts to balance out the nation's development. "Some have even pegged the city as China's very own Silicon Valley," Kok mused.

Added Neptune Group sales manager Ricky Zhang, "The rapid growth (of China) can be observed most clearly in the past two years where the market is truly starting to pick up in these (second-tier) cities."

Kok noted that the Chengdu market offered valuable investment opportunities currently. Prices for properties in first-tier cities such as Shanghai had increased up to RMB 60,000 to RMB 100,000 per sq m while prices in Chengdu remain at RMB 12,000 to RM 20,000. "As such, we can see that Chengdu's property still has a lot of room for further growth," he said.

Located at Chengdu's "new centre business district", Neptune Centre features a 31-storey serviced apartment block and an office tower. The serviced apartment units range from 51 sq m to 99 sq m, and are priced between RMB 14,000 to RMB 19,000 per sq m.

"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 added.

Tags: Commercial units, Investment properties, Real estate investment

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