CBD Real Estate£ºA Completely Happy Game
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| 3/31/2005 1:1:0 Beijing CBD |
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"the opinion on CBD real estate development must be dynamic, and the overseas mature CBD model can't be referred to weigh the growing Beijing CBD, which is a birdcage for the businessman. It is not necessary to simply regard the relation between the bird and the birdcage. The key issue is to be aware of weather the birdcage is suitable for this bird," said by Mr. Li Zhong, the GM of Beijing Regal Lioyds International Consulting Limited, to the correspondent.
Since the later half year of 2001 till now, the constructed or supposed to construct high-class apartments (residence) projects can be ranked at top no matter on quantity or on scale. Basically, all the CBD projects are highly evaluated by the real estate developers.
8 million square meters are much?
After years of development of Beijing CBD, the central CBD area of 3.99 km , has integrated many international industrial entities such as finance, trade and information, as well as owned a lot of services such as offices, hotels and apartments. In the year of 2004, some projects are in the progress of the large-scale development by developers.
In accordance with the report issued by the Marketing Department of Centaline China, there are about 40 office buildings in CBD, including the constructed projects of Sunshine 100, Jianwai SOHO, World Trade International Apartment, Beijing China Great Mall, Van Palace, etc.. The Class A commercial buildings on sales or in construction progress are the Fortune Center with the construction area of 160,000 m , the Silktie Center with 350,000 m , the Central World trade center with 240,000 m , and the World trade center with 540,000 m . There are 30 high-class apartments, such as Vantone Central Park with 320,000 m , Marriott International Apartment with 180,000~300,000 m , Goldfield Plaza with 120,000~150,000 m , Jianwai SOHO with 500,000 m , Wanda Plaza International Apartment with 200,000~220,000 m , total area being of 3.19 million square meters, and the area of commercial shops are less than 100,000 m .s
Basically, all of the CBD construction projects are highly evaluated by the real estate developers. Beijing Silktie Center, located at the south of the World trade center, will be the highest tower at the Chang'an Street, with the total investment of 4 billion yuan and the construction area of 350,000 m . The total construction area of China Central Place is near to 1 million square meters. "This is the biggest project that our unit has constructed, why we are in favor of the CBD is we are confident to the promising future of CBD" according to a working staff of Beijing Guohua Properties Co, Ltd..
"The evolution of CBD is a dynamic process, which is gradually formed on the basis of the economic development in order to meet the demand of the market. Generally speaking, the core area of CBD is still the golden cross, where the skyscrapers and the symbolized constructionsextend along the east loop III in sequence, to produce the strong strike. Actually, the east loop III centered by the World trade center has become as a window to show the CBD image. Under such pattern, the east loop III is definitely at the hub of CBD," said by Mr. Li Zhong, the GM of Beijing Regal Lioyds International Consulting Limited.
Since the later half year of 2001 till now, the constructed or proposed high-class apartments projects can be ranked at top no matter on quantity or on scale. "The 8 million square meters are too much for Beijing CBD?", said by Mr. Li Zhong, the GM of Beijing Regal Lioyds International Consulting Limited, "here the consumption capacity is so tremendous, regardless of the office buildings supply or the apartments supply, so it is not necessary to worry about them, and nothing will be excessive."
Different opinions
Many developers with high capacities have gathered in CBD, including the HKI, Vantone, Goldfield, and Wanda, etc., not only equipped the mature marketing operation experience, but also had strong strength. In order to scramble for market share, they all will make their earnest efforts.
"The completion of Silktie Center will end up the controversy about CBD geographic symbolized construction," said by Mr. Yin Xiaozhou, the president of Silktie Properties Co., Ltd., "the importance of Silktie for Beijing is as same as the Oriental Pearl Tower for Shanghai". The Silktie Center, situated at the south of the World trade center, lifts the lobby up to the top of the hotel without accounting for the cost, and owns three main-body buildings, total area at 350,000 m , and the major building of 249 m , 63 floors. It is estimated that Silktie will be finished at the early half year of 2007, pricing at 3000 USD/m .
Mr. Pan Minglang, the vice president of HKI, indicates that, Fortune Center, also located at the Golden Cross, doesn't concern the title of Geographic Symbol, but focus on the quality and performance of the building, to forge it as a complicated business machine. The height of the second phase project of Fortune Center reaches to 210 m , the highest apartment in Beijing, at present, the first phase project has been sold out, and the second phase project is supposed to be sold by Fortune Center itself.<BR>It is interesting that, the Central World trade center developed at the west of Silktie Center, is composed of four office skyscrapers, which will be sold on the basis of the marketing strategy of entire building sales, as well as being authorized the "denomination right", hitting against the conception of "CBD Headquarter" of Vantone, whereas the area of this project is far bigger than that of Vantone Center, with the total construction area of 240,000 m , nearly two times of the former. Many new office buildings will be put into use after 2006, whereas the Central World trade center will be completed by the end of this year. Mr. Wang Yutao, the sales director of Central World trade center, talks with the reporter that, "the customers who choose thisplace must highly require for the office environment, as well as have the strong financial strength. It can be alleged that the inhabitants of the Central World trade center must be those enterprises ranked at the World Fortune 500 and National Fortune 500 lists."
A temperate game
"We haven't felt the competition," said by Pan Minglang to the reporter, "Among the products in this area, at present, there is only Silktie can compete with Fortune Center. ?Based on the understanding of the reporter, the sales of the current CBD real estate projects are pretty loose, even without the competition. "Only those projects not following the development rhythm and lacking of the regulatory ability will lead to problems," said by Li Zhong, "however, from the comprehensive view, there must be some certain non-occupancies in CBD all over the world, but there aren't any failed projects so far, because they can be taken over by others in the end.?With the development of the projects, the competition among the developers will gradually take off the temperate dress. Other big projects in CBD, including the Wanda Plaza International Apartment, Goldfield International Garden, Beijing Fortune Center, and Vantone Center will gradually increase their supplies year by year, it is inevitable to collide with each other. Meanwhile, the traffic issue will become as the biggest difficulty at CBD in the future, "Beijing CBD will go into the tightest period in the year of 2005, since the infrastructure facilities such as the subway haven't been completed, and most of the construction projects are still in progress, CBD completely being as a big building site at that time," according to Li Zhong.
On the other hand, on account of the business style of CBD, the homogeneity of the products is hard to avoid. In another point of view, it is quite limited for the developers to use his free will. "In the future, the commercial office buildings will be the leading actors, and the products can't be too weird, so that most of the customers are unable to accept, regardless of the consultancy company or the headquarters ", said by Pan Minglang, "we will integrally consider the balance and the performance." The high-class office buildings are not only focusing on the customers who are engaged in a certain industry, but also focusing on the integral high-end customers groups, "their demand is almost consistent, and there is no absolute differentiation". In this area, the unusual pattern is unacceptable.
"The opinion on CBD real estate development must be dynamic, and the overseas mature CBD model can't be referred to measure the growing Beijing CBD, which is a birdcage for the businessman. It is not necessary to simply discuss the relation between the bird and the birdcage. The key issue is to weigh weather the birdcage is suitable for this bird," analyzed by Mr. Li Zhong. In the process of interview, many develops think that CBD is a big game played by many people, even an arbor can't be cultivated, the flowers and grasses still could be planted. After all, the curtain of CBD is just pulled up, and still easy to earn money from the big companies.
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