This paper presents the extent impact of urban underground exploration (UUS) induced-land susbidence to economic factors (i.e buildings, land, infrastructures and underground structure) in terms of urban development, spatial model planning towards sustainable development in a developed megacity of Shanghai. Currently, there are no determined integrated researches conducted to understand the correlation of UUS induced-land subsidence with the economic impact despite its significant role in the urban planning and development at large scale. Secondary data are analysed using hedonic pricing method, multiple regression method, correlation cause effect analysis and spatial-temporal analysis. The data are gathered from online databases: Google, Google Scholar, Baidu, ResearchGates, Elseviers and etc. There are more than 100 prominent journal articles have been reviewed for the data synthesis. The time-frame ranges as early as 1960s-90s, 2000s till 2020. The negative spatial corelation hyphothesis of the economic impact and UUS induced-land subsidence has been proven both similar and contradictory in different areas of Shanghai. The findings are (1) most of the land subsidence and economic impact in central bussiness district (CBD) area of Shanghai are still under controlled due to proper UUS technologies, (2) The new development area of Shanghai (North and Southern) has negative correlation due to the UUS induced-subsidence with the economic factors (3) New development areas are prone for future UUS-induced subsidence therefore, the economic impact may be affected without proper planning and underground exploration countermeasures (4) The economic impact of Shanghai has been influenced by many factors and UUS induced-subsidence are becoming the highest impactful factor (5) In the case of developed and rapid continous urbanisation like Shanghai, groundwater is controlled however, further data collection is needed to make comparison with other developing megacity in South East Asia region with rapid land subsidence issues such as Jakarta. As conclusion, these preliminary findings open up for further research work and questions to be conducted to assists future urban planners, geotechnical engineering in the developed megacity like Shanghai as well as making future comparison with developing megacity, e.g. Jakarta in tackling the UUS, land subsidence, economic impact towards sustainable spatial development model and planning.