DLJ Real Estate and Sino-Ocean Land launch Shenzhen residential development
DLJ Real Estate Capital Partners has launched Sino Ocean Express, a residential development project located in the Longgang District of Shenzhen, China.
The development is a joint venture between DLJ RECP and Sino-Ocean Land. All 370 condominiums released to the market were sold within the first few hours of the sales event on 15 December.
The project consists of 4.4 million square feet of residential, retail and outdoor space. Unit sizes average 947 square feet with three bedrooms and have efficient layouts designed especially for the fast growing middle-class, young and expanding families seeking a vibrant city lifestyle. The first phase units will be delivered to the homebuyers in 2014.
"The key to the project's successful launch is attributable to our understanding of what consumers want and aspire to have," says Shen Zhu Yuan, project director and group vice president of Sino-Ocean.
Shenzhen, one of China's top-tier cities with a population of 10 million, is home to China's Shenzhen Stock Exchange and high technology manufacturing companies. Its proximity to Hong Kong elevates its status as China's first Special Economic Zone, where its citizens are among the highest GDP per capita in the country.
"The hard demand for housing, driven by household formation, is most evident in Shenzhen, with the youngest population of all major cities in China," says John Lien (pictured), managing director at DLJ RECP. "The project not only benefits from strong pent-up demand resulting from a series of restrictive policies in the real estate sector implemented in 2010, but also favourable demographics unique to Shenzhen."
DLJ RECP was one of the first US partners to invest with Sino-Ocean Land, beginning in 2006 before Sino-Ocean Land became a public company. The Shenzhen joint venture was established in March 2012 to develop the Sino-Ocean Express property.