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November 19, 2009

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Home » Business » Real Estate

Versace raises the price of a penthouse

TOMSON Riviera, Shanghai's most expensive apartment project with an average transaction price of more than 100,000 yuan (US$14,640) per square meter, has teamed up with interior designers Versace Home to offer a 1,000-square-meter penthouse for around 300 million yuan.

The residential development in Pudong's Lujiazui area, known for its record-setting prices when the project was unveiled in 2005, has sold a total of 43 apartments as of yesterday.

Most of those deals, or more than 80 percent, were secured over the past couple of months, riding on a nationwide housing boom since the second quarter.

Just two weeks ago, a 597 square meter apartment on the 28th floor at the development was sold to an unidentified buyer for 96.09 million yuan, or 160,848 yuan per square meter, a local record.

In Shanghai, the average price of luxury homes, those costing more than 40,000 yuan per square meter, climbed 2.4 percent month on month to 63,477 yuan per square meter in October, Shanghai Uwin Real Estate Information Services Co said in its latest report.

Transaction volume rose 4.9 percent from September to 64,000 square meters.

Research by World Union Properties Consultancy Co showed that 39 residential projects in Shanghai were sold at an average of more than 50,000 yuan per square meter this year between January and October.


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