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26 plots valued at US$5b set for auction
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Land supply in Shanghai will surge in September with 26 parcels valued at least 31 billion yuan (US$5 billion) set to be auctioned.
Land plots totaling 1.52 million square meters, designated for various purposes except for public use, will be auctioned in September, up 25 percent from August and a year-on-year jump of 56.5 percent, Soufun.com, operator of the country’s largest real estate website, said in a report released yesterday.
The plots’ value represented a surge of 314 percent from this month and an annual growth of 206.8 percent.
“Nearly 730,000 square meters of land plots purely designated for residential development will be released next month, a monthly record for this year,” said Li Zongzhou, a Soufun analyst. “That compared with some 1.2 million square meters registered between January and August.”
Of the 26 parcels, a 99,000-square-meter plot in downtown Xujiahui, dubbed as the last prime site in the city, has caught the most attention due to its starting price of 17.5 billion yuan, which has made it Shanghai’s most expensive plot by asking price.
Two Hong Kong-based real estate developers may bid for the plot that is designated for office, retail and hotel development, according to earlier media reports.
Sales of Shanghai’s land market in the first seven months of this year exceeded 84.6 billion yuan, up from 73.76 billion yuan for the whole of 2012, said an earlier report released by Shanghai Deovolente Realty Co.
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