A look into Residence G in Shenzhen

Residence G

Not too long ago, Shenzhen was best known as a frantic, run-of-the-mill Chinese industrial centre, hard to navigate and vaguely tacky; gloriously gonzo amusement parks like Window of the World and Minsk World didn’t help. It relied heavily on manufacturing and on day tripping Hongkongers looking for cheap foot massages and pirate DVDs. But a lot has changed since the Special Economic Zone experiment created the city in 1979.

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Now home to over 10 million people, Shenzhen is one of the PRC’s wealthiest cities, with one of the most vibrant property markets. Though prices have fallen 2.4% as of mid-2017, Shenzhen property crept up 9.2% over the same period in 2016, and Knight Frank projects another 3 to 5% growth this year. Shenzhen even has a landmark development on the horizon at One Shenzhen Bay, which includes a super-luxury residence designed by Steve Leung and Kelly Hoppen. It’s no surprise the time is right for a lifestyle-focused serviced apartment to join the landscape. Enter Residence G.

Underserviced sector

With technology and financial services now major parts of the economy, Chinese, and international, firms are setting up offices in the city and dropping in temporary staff. The serviced apartment sector in Shenzhen has been expanding at a steady pace over the past two years, with properties opening in Nanshan, Futian and Shekou, and includes international operators such as Ascott and Frasers Hospitality to go along with domestic brands. Nanshan and Futian remain the key districts for their global residents, and a serviced apartment opened in Bao’an district near the airport in 2016 with the goal of targeting business travellers.

Residence G Shenzhen, which opened in March, will likewise be targeting expatriate tenants, despite the fact that China’s manufacturing sector is cooling (with retail goods moving to Vietnam) and MNCs are localising. Nonetheless, the primary tenant pool will include European, North American, Korean and Japanese singles and families, from international companies with branches in Shenzhen according to Blandine Cressard, general manager of Residence G Shenzhen. Affluent Chinese couples in their 40s and 50s with business interests in Guangdong are also among the new property’s potential residents.

Residence G

“Shenzhen today is considered China’s Silicon Valley, leading in high-tech development, financial services, foreign trade, shipping, and creative and cultural industries,” begins Cressard. “The city ranked first on the list of 2016 China's Urban Comprehensive Economic Competitiveness Report and is definitely one of China’s top cities for economic returns, surpassing Hong Kong for the first time on the list in 2015… It is only natural that executives from these companies will be looking for all-inclusive, modern serviced apartments with extensive facilities.” With existing properties predating the boom which started in 2015 showing their age, the time was right for fresh product. “Residence G Shenzhen is not only a brand new product but also offers something unique to the market: a lifestyle property with emphasis on the community aspect,” says Cressard. As an example, she notes the massively successful Easter party for those who celebrate, attended by 200 residents. “Residence G positions itself as a luxury serviced apartment but is also a place where people will meet and mingle, the epitome of lifestyle.”

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Residence G

Global living

Residence G Shenzhen comes courtesy of Bangkok-based GCP Hospitality (a branch of Gaw Capital), and is the brand’s first serviced apartment in the city. Located on Dongbin Road in Nanshan District, the tower includes 178 contemporary suites catering to business travellers and families alike, ranging in size from approximately 340 to 1,870 square feet, in studios to three-bedroom home configurations. Light colours, light woods and a focus on maximising natural light give the apartments a breezy feel, and efficient layouts maximise the liveable space.

Residence G

Apartments are fitted with modern appliances and fixtures, and include high speed Wi-Fi and user-friendly Internet Protocol televisions with e-readers. Also on site is a two-storey community hub, G Club, which incorporates dining space and a community centre for a Nanshan first-of-its-kind social spot. As the property describes it: “The Clubhouse located on the 11th floor acts as a social hub, featuring a trendy restaurant and bar with a communal dining table, multiple televisions and high and low seating.” With its semi-exposed brick and warm timber flooring, the Clubhouse looks like it was ripped directly from London’s chic Shoreditch district. The 10th floor EnerGy is dedicated to sport, fitness, wellness, and entertainment, and boasts a 25-metre swimming pool, full gym, yoga room, and a multi-purpose sport space. There are also dedicated kids’ facilities, an outdoor terrace, and two fully equipped conference rooms.

Residence G

Residence G

Residence G also sits a few minutes away from major business hubs — High-Tech Park, North Houhai, China Resources International Centre — hospitals (Nanshan Hospital, Shekou Hospital) and is roughly one hour from Central in Hong Kong; the Shekou Cruise Centre is 15 minutes down the road. It’s also at the heart of Shenzhen’s international school network, with Shenzhen American International School, Shenzhen Japanese School and Shenzhen University all nearby.

Cressard believes Residence G will have no trouble distinguishing itself from other serviced apartments in the area, arguing its “Lifestyle, unique modern design, European atmosphere, international management team at the property level, and the community offered by The G Club,” make all the difference. “Residence G is poised to be the leader in the serviced apartment segment in Nanshan and Shenzhen.”

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