Shanghai’s West Bund, an 11km-long waterfront area in mainland China’s financial capital, has bucked the property downtrend plaguing the sector, as companies and retail brands flock to office buildings and malls in the zone.
The vibrant area, located on the west bank of the Huangpu River in the southwestern Xuhui district, is emerging as the latest central business district (CBD), with premium office buildings and retail space like Hongkong Land’s Westbund Central. The city kicked off the redevelopment of the West Bund in 2010, which involved building world-class residential, commercial, office and entertainment complexes.
“West Bund is well planned as each section in the West Bund has its own theme and industrial goal,” said Jimmy Chu, a senior director with CBRE’s Eastern China office market division. “The location makes the area a bright spot in Shanghai’s real estate market.”
The first phase of office blocks at Westbund Central, which will be delivered later this year, has been well received by Chinese and foreign companies, and was likely to see a 100 per cent occupancy rate, he added.