Rental Income of Stanford Residences Jing An Hits Record High
Wed Feb 24 2016 00:00:00 GMT+0800 (CST)
The first block of Stanford Residences Jing An was put on the market in March 2015 and by the end of that year, that is within nine months its occupancy rate has exceeded 80%. And the successful leasing of its one penthouse with the monthly rent as high as ¥100,000 indicates that Stanford Residences Jing An is emerging as a rising star in the high-end serviced apartment leasing market of Shanghai.
Yet why is it that Stanford Residences Jing An can draw so much attention over such a short period of time? The reason may lie in some essentials of the property industry, like developer, cooperator, market needs and such. Now let’s have a look at these abovementioned factors respectively.
Stanford Residences Jing An – KWIH’s first serviced apartment project in Mainland China
As the first high-end serviced apartment project of K. Wah International Holdings Limited (or KWIH, stock code: 0173) in Mainland China, Stanford Residences Jing An indicates KWIH’s new attempts in business model innovation during the property transformation period. As a multinational conglomerate with proactive foresight, KWIH has planned to start the high-end serviced apartment project to complete its industrial chain in Mainland China early in 2010.
Situated in prosperous CBD of Jing’an Shanghai, Mainland China, and profited by the K. Wah Group’s (or “the Group”, the parent company of KWIH) worldwide experience in hotel management and luxury residential development, Stanford Residences Jing An has won many an award since the first block was put on the market in March 2015. The various types of awards that Stanford Residences Jing An garnered in 2015 include “2015 Best Serviced Apartment Operator” by the China’s most famous travel guide Top Travel, “Best Serviced Apartment - Readers’ Choice” by the global leading English publication TimeOut Shanghai, professional awards “Best Serviced Apartment—Best Facilities”, “Best Serviced Apartment—Best Interior Decoration” by the world-known media enterprise Ringier AG’s City Weekend Luxury Homes of China and the like.
Savills helps to make Stanford Residences Jing An stand out
Nowadays the slowdown in global economic growth causes many foreign companies in China to cut their expenditure on human resources and one consequence is that the small and medium-sized apartments with comparatively low price become more popular in the leasing market. Whereas, the high-end serviced apartments of Stanford Residences Jing An are all big dwelling-size layouts ranging from 227 to 527 square meters. Under this circumstance, Stanford Residences Jing An is kind of bucking the market trends in some sense. Yet with the help from the world-known property management company Savills, Stanford Residences Jing An not only focuses on the foreign executives and their families, but also pays close attention to the housing needs of domestic families. In such way the market of its big dwelling-size apartments gets expanded.
The time when Stanford Residences Jing An was put on the market is the annual low season for serviced apartments (ordinarily from June to December). However, by its distinctive advantages and adequate preparations, Stanford Residences Jing An has made amazing achievements since its debut in March 2015 and the occupancy rate of its first block has exceeded 80% in less than a year.
“Resorting to its rich client resource, brand advantage as well as its 20 plus years’ experience in China’s serviced apartment leasing market, Savills has implemented differentiated marketing strategy to best suit foreign and domestic customers in China. And it is right in this way that Savills helps Stanford Residences Jing An enter the domestic leasing market and hit a record high in the shortest time. I believe that our current achievements cannot be separated from Savills’ professionalism and the scarcity of Stanford Residences Jing An as a high-end serviced apartment.”
Associate Director of
K. Wah (China) Investment Limited
Market needs in Jing’an CBD
Stanford Residences Jing An strengthens foreigners combined effect in CBD of Jing’an
Prosperous and elegant, plus the convenient transportation network, Jing’an CBD is a place where foreigners tend to choose to live in Shanghai. In recent years, many foreigners begin to settle down in Shanghai, which calls for a promotion on facilities and services of the high-end serviced apartments in Jing’an district. To draw more potential customers, KWIH has entrusted Savills with the management service of Stanford Residences Jing An to provide services specialized for the serviced apartments. Therefore, from the market positioning, marketing strategy formulation to the management service, KWIH and Savills have carried out in-depth cooperation in many aspects to expand the market.
Stanford Residences Jing An is an elaborately planned project of KWIH -- the superb interior design and decoration, luxurious facilities, 24-hour butler service and such have made Stanford Residences Jing An a model of high-end serviced apartments in Shanghai. Besides, the top quality plus the high proportion of foreign families among the tenants shall proceed to make Stanford Residences Jing An a favorite living place under the foreigners combined effect in Jing’an CBD.
The other block of Stanford Residences Jing An has been put into operation in the first quarter of 2016. The full operation of Stanford Residences Jing An will diversify Shanghai’s high-end serviced apartment market and provide more choices and brand-new international living experience for those foreign and domestic families in Shanghai.