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Keeping your head above flooded property market
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Over the past five years, the serviced apartment industry in Shanghai has maintained an annual growth rate of 15-20 percent. Many developers have tried to grab a slice of this market. Despite the fierce competition, the developer of Central Residences, a service apartment project on downtown Hushan Road, is confident about the future.
Johnny Xin, senior marketing manager, talks about the market鈥檚 prospects and what makes Central Residences stand out from the rest.
Q: Could you first give a brief introduction of your property?
A: It is a perfect choice for families and businessmen seeking a balanced lifestyle.
Tower 3 of Central Residences II has been revitalized through a redesign done by acclaimed international masters and updated with a modern, stylish aesthetic that perfectly suits the lifestyles of its elite tenants. The makeover has been matched by an improved serviced experience, as well as a contemporary feel in every single detail of the property.
Kerry Properties is well known for developing high-end homes and providing quality property management. Its qualified and experienced hospitality team is here to provide meticulous concierge and butler services, and do everything to make your life more pleasant and your idea of 鈥渉ome鈥 a dream one. With our knowledge of the market and long management experience, we strive to create a superior living space.
Q: Anything you have done recently to further improve guest satisfaction or do you have any plans for that in the short to medium term?
A: There is always fierce competition in our industry and we have already completed our refurbishment plan for whole building of serviced apartment towers. We have not just improved service standards, but also improved hardware facilities. In addition to the above, the most crucial element is 鈥 鈥淭he service Spirit鈥 鈥 real care for every single guest when they stay in Central Residences II.
Q: What鈥檚 the strength of your brand or how do you differentiate yourself from other international counterparts?
A: Needless to mention, Central Residences II is one of the brand names under Kerry Properties, which is an international consortium focusing on high-quality property development.
Q: How do you perceive the city鈥檚 overall serviced residency market? What鈥檚 your plan to deal with intensified competition as more players are eyeing for a lucrative share?
A: I don鈥檛 have crystal ball but I will say that from the start of 2018, the serviced apartment market has been full of challenges. Because of everyone is busy developing the serviced apartment market, unofficial calculations say that over 180 serviced apartment projects have provided over 20,000 units in Shanghai.
It has been predicted that more supply is coming that will flood the already over supplied market. At the same time, in order to cool down sales in the second-hand property market, the government is trying to curb the over heated market by transferring to the leasing industry. On the other hand, the demand of serviced apartments is declining. More and more expats are going back their home country or moving to other cities.
To deal with the intensified competition, I think there are plenty of things that we should do:
1) To differentiate ourselves from the others 鈥 to develop our CRII core value:
C 鈥 care/commitment/companion;
R 鈥 respect/responsible/reproductive;
P 鈥 passion/precision/persistence;
2) Well ultimate use group sources, such as hotel, logistic, office, food company etc;
3) To adapt ourselves in a rapid flexible and ever changing market.
Q: How do you expect the market to grow over the coming few years in terms of room numbers? As one of the major players in the city, do you foresee any challenges for the industry in the near term?
A: Over the past five years, the average continued growth for serviced apartments is around 15-20 percent. So based on 20,000-25,000 units, most important is how to resolve demand in line with such huge supply.
Many players in the city show the same view, that is due to constant formalization, over the coming years and the less competitive competitor will be easily eliminated by the market, whereas strong ones will prevail.
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