Client story

Landmark win strengthens JLL’s position in New Bund, Shanghai

The Shanghai New Bund (Qiantan), known as ‘Lujiazui 2.0’, has recently become one of the most popular areas of Shanghai’s property market. This international business district’s development has benefited from Free Trade Zone policies, the government’s systemic planning, and excellent infrastructure support. In the area, New Bund Shun Tak Cultural Centre is emerging as a landmark complex, ready to welcome guests by 2023. This large-scale project is being jointly developed by Shun Tak Holdings and Shanghai Lujiazui Group. The centre includes a 26-storey office tower, a commercial centre of nearly 20,000 square meters, a theatre and a hotel complex.

In 2020, the clients sought the expertise of JLL for the New Bund Shun Tak Cultural Centre project. Besides appointing us as the joint office leasing agency, they assigned us for our full property management services.

JLL’s Shanghai Office Leasing team brought a comprehensive insight into the opportunities and challenges of the project. The team helped the client in an in-depth understanding of the local market and in targeting the right tenants. Despite the Shanghai office leasing market being affected by the pandemic, cost-saving opportunities remained the key drivers of leasing demand. JLL research showed that certain decentralised submarkets, like New Bund, had presented great potential to attract many firms with cost-saving demands or large requirements for headquarters space, which positively impacted project leasing. However, a leasing business cannot be successful without a high-quality property management service. Focusing on the clients’ interests, JLL provides one-stop solutions – all services under one roof, manifested in the New Bund project.

New Bund’s mandate was a mark of JLL’s leading market share in the area and led to our assignment for property management services on the Shun Tak project in Zhuhai.

Anny Zhang, Managing Director of JLL East China and Head of Markets of JLL China, said: “As a participant and witness of urban development, we have full confidence in the development of the New Bund area. In the future, it will develop as the headquarters of multinational corporations, a hub for the cultural media industry, as well as the Binjiang international living community. As one of the landmark projects in the region, New Bund Shun Tak Cultural Centre will surely attract many domestic and foreign high-quality corporates to settle in and empower the development of New Bund’s commercial real estate.”

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