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November 21, 2009

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Home » Business » Real Estate

Luxury US project lures rich Chinese

MILLENIUM Tower, an ultra-luxury residential project in San Francisco launched its China marketing campaign yesterday in Shanghai to tap the country's rapidly-growing wealthy segment.

The 197-meter, 60-story tower, the tallest residential block west of the Mississippi consisting of 419 homes with prices from US$600,000 for a one-bedroom unit to US$10 million for a penthouse, is aiming to sell 100 units during its three-city Asian marketing campaign which started in Singapore and will end in Hong Kong after the Shanghai stop.

"The trip kicks off our outreach to global citizens, and we're extremely thrilled to be in China to introduce the next evolution of urban living," said Richard Baumert, managing director for Millenium Partners, developer of the project.

"San Francisco enjoys deep cultural and economic ties with Asia, and there is no other place in North America where Chinese people will feel more comfortable and welcome."

The luxury residential project was well received in Singapore with 23 units sold to Singaporeans and Singapore-based expatriates, the company said.

Globally, more than 120 units in the tower have already been sold, according to Baumert.

Chinese mainlanders, riding on the country's fast-growing economy, have been building their wealth rapidly. The combined wealth of China's 40 richest persons doubled from a year ago to US$106 billion, thanks to buoyant Chinese stock markets over the past year, according to Forbes China Rich List.

On Wednesday, luxury interior designers Versace Home teamed up with Tomson Riviera, the most expensive apartment project in Shanghai, to offer a 1,000-square-meter penthouse for about 300 million yuan (US$44 million).


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