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Savills eyes serviced residence sector
By Cherry Cao |
00:47 UTC+8 October 19, 2012
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Print Edition
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SAVILLS Residence plans to expand its portfolio on Chinese mainland to 20 properties by 2016 amid robust demand in first and second-tier cities.
Global real estate firm Savills, which unveiled the serviced residence brand on the mainland, has already signed contracts for two properties in Shanghai in the Pudong New Area and due to open in 2013 and 2014 as well as one each in Zhuhai and Shenzhen in Guangdong Province.
Savills has already opened the 65-room Savills Residence Century Park in Pudong in August as the first property under the brand.
"China's serviced residence market is one of the strongest in Asia, with Beijing and Shanghai seeing the most robust demand," said Neil Harvey, director of Savills Residence. "In particular, we've noticed rapidly growing demand from domestic travellers though overseas guests still remain a dominant force at the moment."
Domestic travellers account for 14-20 percent of total guests at serviced residences in key Chinese cities including Beijing and Shanghai, up from 2-3 percent 10 years ago, Harvey said.
Global real estate firm Savills, which unveiled the serviced residence brand on the mainland, has already signed contracts for two properties in Shanghai in the Pudong New Area and due to open in 2013 and 2014 as well as one each in Zhuhai and Shenzhen in Guangdong Province.
Savills has already opened the 65-room Savills Residence Century Park in Pudong in August as the first property under the brand.
"China's serviced residence market is one of the strongest in Asia, with Beijing and Shanghai seeing the most robust demand," said Neil Harvey, director of Savills Residence. "In particular, we've noticed rapidly growing demand from domestic travellers though overseas guests still remain a dominant force at the moment."
Domestic travellers account for 14-20 percent of total guests at serviced residences in key Chinese cities including Beijing and Shanghai, up from 2-3 percent 10 years ago, Harvey said.
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