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Chengtou launches rental apartments
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Shanghai Chengtou Group, the city’s major investor, developer and operator of infrastructure facilities, has launched its own rental apartment brand.
The company yesterday began construction of its latest batch of rental units in Yangpu and Minhang districts.
Over 4,000 rental units, located in New Jiangwan Town and Pujiang, are part of the 10,000 rental units Chengtou has committed to build during the 13th Five-Year Plan (2016-2020).
“Shanghai Chengtou has secured around 16,000 units so far, including those under construction and in the pipeline, since May 2018 when we acquired our first land parcel for rental apartments, already surpassing our previous target of 10,000 units,” Chengtou’s Chairman Jiang Shujie said.
Aiming to meet the accommodation needs of young talents working in nearby areas, these apartments will encompass several compact layouts with one-bedroom units accounting for more than 50 percent. Larger units catering to families with a size of around 70 square meters or 90 square meters will take about 15 percent, Chengtou said.
Of the 4,000 units, about 900 apartments in Bay Valley, which is adjacent to the new campus of Fudan University in New Jiangwan Town, will be released into the market by the end of 2019.
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