These apartments are newer and priced, Kerry says, at about 10 percent less than the Shanghai Centre. The building is of course more modern -- time waits for no man -- and the facilities are very similar.

In fact, if you don't mind a short walk across the road, they're pretty much identical. You want the Wellcome supermarket? Watson's the chemist? Hard Rock Cafe? Airline offices? All within five minutes.

The 28 storeys of the Shangri-La residences apartment block contain 133 apartments, ranging from 76 square meters to a massive 396 for the largest of three penthouses. The average unit size, says Kerry, is larger than the Shanghai Centre.

Rents are still high compared to current market rates for foreign apartments -- prices start at $2,500 a month and rise to $14,500 for the Penthouse -- but for that you get the location, plus 24-hour security, full maintenance, and 21 channels on the TV.

The health club will be Shanghai's most modern and comprehensive with 3,000 square meters of space, including tennis, swimming pool and climbing walls.

"The market is still pretty good for this kind of place, that is, good quality," said Jessica Qian, leasing manager for the apartments. "Big companies have certain specific requirements for their senior staff such as security issues."

Construction of the Shanghai Kerry Centre, which also includes an office tower, and a podium for shops and restaurants, is still underway. Apartments will become available through September and October.

Kerry Group, led by Malaysian billionaire entrepreneur Robert Kwok, is pouring huge amounts of money into the Shanghai market. Apart from the Kerry Centre, there's the Everbright City near the railway station -- a development which covers three city blocks -- the International Apartments and Shanghai Trade Square in Hongkou, luxury apartment blocks on Huashan Lu and two Shanghai-la Hotels -- including one in Pudong which opens on August 27.