The Regency has Huaihai Park to the north and the People's Park beyond that. With the Yanan Lu elevated highway in place and the number of large high-quality office developments going up in the Huaihai Zhong Lu area, this could sell well. The views of the park are a definite plus.

The first of the two 34-storey towers in the project, each containing 167 apartments, will open on October 1 with the second tower coming on line by the end of the year.

The first part -- the East Tower -- is being sold by Liang Court, but in most cases, apartments are being leased back to Liang Court

for letting, said Angela Bai, sales and marketing manager for the project.

There are seven apartment layouts, ranging in size from 83 to 232 square meters. Prices are currently being quoted in a range from $3,400 to $10,000, she said.

"There's a lot of supply on the market at present, but it is just quantity, not quality," Bai said. "There are very few top quality projects. Liang Court is very experienced in this area."

She said that unlike some serviced apartments operations in Shanghai, the Regency was specifically designed for the purpose, with all the facilities of a hotel.

Facilities include indoor swimming pool, tennis court, fitness center and spa.