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Land buyers stay bullish
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THE land buying frenzy continued to extend in Shanghai today as dozens of real estate developers scrambled to acquire a residential plot despite its suburban locale.
Poly Real Estate became the final winner of the land auction after agreeing to pay 5.45 billion yuan (US$833 million) for the 69,433-square-meter piece in outlying Zhoupu, Pudong New Area. More than 35 developers participated in today's auction to fight for the land, which was the first pure residential piece released in Pudong this year.
Its average gross floor area price stood at 43,607 yuan per square meter, or 296 percent above its asking price.
However, the actual GFA price for the land was 55,707 yuan per square meter, as only 80 percent of the homes built on the site will be allowed to be released to the market upon completion, with the remaining 20 percent designated as either affordable housing or for leasing purposes only as required by the government.
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