Walt Disney’s new theme park in Shanghai has not even opened yet, but is already proving a major people magnet. Thousands of people descended upon the Shanghai Disney Resort at the weekend, as Walt’s new Disney store – the biggest park-operated retail shop in Asia – and a string of restaurants all opened their doors.
That commercial impact is expected to ripple out into nearby shopping centres and streets, with hotel occupancy resorts predicted to “significantly improve”, by Zhang Hongwei, research director of Shanghai-based property consultancy ToSpur.
Residential prices, though, are also getting a dose of the Disney magic, with the South China Morning Post reporting that property values have spiked in the surrounding areas.
Vanke Feicui Park at Pudong Zhangjiang, 15 minutes’ drive away, has seen selling prices surge 35 per cent in the last year to 65,000 yuan per square metre, according to property portal SouFun, with 12 per cent of that growth occurring in the last two months alone.
Jingrui’s French Lakeside Villa, another new project within 15km, has seen prices jump from 25,000 yuan per square metre in January to 30,000.
“The price growth is faster than we expected, the whole area is heating up because of Disneyland,” a member of the sales staff at French Lakeside Villa told the paper, with 80 villas in the first and second tranche selling out.
The park officially opens on 16th June, with 330 million potential guests living within three hours’ travel of the park expected to attend. How much higher will house prices rise?
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