Apart from new Shanghai project, developer to cash in on demand rise in more emerging regions
With its new project Shanghai Panlong Tiandi officially opened to the public on April 29, Shui On Group made a step forward in its long-term commitment to the urban development of Shanghai and the integrated development of the Yangtze River Delta region, according to a senior executive of the group.
Situated in Qingpu district, Panlong Tiandi is one of the first suburban village renovation projects opened in Shanghai, serving as a new lifestyle and commercial model in the Yangtze River Delta Integration Demonstration Zone, said Stephanie Lo, executive director of the group's Shui On Land Ltd.
"Panlong Tiandi will play an exemplary role in the Yangtze River Delta region's integration as 75 million residents live within a one-hour drive from the Hongqiao hub, where Panlong Tiandi is situated," said Lo, stressing the strong market demand of the Yangtze River Delta region.
The combined GDP of the Yangtze River Delta region, covering Shanghai and Zhejiang, Jiangsu and Anhui provinces, rose 1.42 trillion yuan to reach 29.03 trillion yuan ($4.2 trillion) in 2022, accounting for 23.99 percent of the nation's total, according to a report from Yicai Media Group.
As Lo stated, consumption recovery has been evident in the first quarter. "Most of our projects' retail sales have recovered to the level of 2021, with some projects exceeding such a level by 40 percent," Lo said.
Lo said many retail brands are extremely optimistic about China's consumption, which is driven by the huge potential in consumption upgrades and people's pursuit of quality lives.
Additionally, robust consumption concerning healthcare, sports and social interaction, as well as younger generations' cultural and domestic consuming desires, are also encouraging commercial property operators, Lo added.
By introducing an urban retreat concept encompassing culture, nature and future, Panlong Tiandi, Xintiandi's rural reinterpretation, integrates its cultural heritage with arts, leisure and entertainment facilities, offering a new lifestyle for residents in Shanghai and the Yangtze River Delta region.
For example, within the total floor area of more than 500,000 square meters, Panlong Tiandi introduces 230,000 sq m of public green space, which includes six themed areas and a 3-kilometer circular trail, as well as about 10,000 sq m of outdoor sports venues.
Fusing the typical Jiangnan (south of the Yangtze)-style town with Xintiandi's signature open block layout, Panlong Tiandi is setting a new benchmark for high-quality urban development by improving the regional environment while expanding and upgrading commercial opportunities to further enhance the lifestyles of the people in the area, Lo said.
"We hope Panlong Tiandi would not only be a landmark in the Yangtze River Delta region but also serve as a window for showcasing Jiangnan and Shanghai culture to the world," Lo said.
With the recovery of international travel, more international exhibitions are expected to be held at the National Exhibition and Convention Center in Shanghai, and overseas visitors can see the development of Shanghai from the project nearby the exhibition venue, Lo explained.
Taking Shanghai as its home base, Shui On looks to ride on the development of major regions, namely the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta region, Lo said.
Lo said: "Many cities, especially first-tier cities, have entered into a stage of urban regeneration, which is an important option in a city's property development. This is something Shui On particularly has strengths in and excels at.
"From the massive Rui Hong Xin Cheng regeneration project to the landmark Shanghai Xintiandi and now Panlong Tiandi …Shui On has been committed to Shanghai's urban renewal and city development. We hope that Panlong Tiandi will become an iconic regional showpiece contributing to the integrated development of the Yangtze River Delta region, where new community experiences can create a new understanding of Shanghai's rich culture," said Lo.
