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27 city land parcels released for auction
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Shanghai will see at least 27 land parcels released for auction this month as robust momentum in the property market continues.
The plots are tagged with a combined starting price of 13.68 billion yuan (US$2.26 billion), Century 21 China Real Estate said. “Monthly land sales in Shanghai have exceeded 10 billion yuan since April 2013 and we expect this trend to continue in January,” said Eric Luo, a Century 21 analyst.
He said land supply in Shanghai might remain abundant while developers will be keen to expand their land bank following robust sales registered in the city last year.
A residential plot in Zhabei District is attracting the most attention from developers.
Covering 96,429 square meters, the parcel in Daning — within the city’s Middle Ring Road — has an asking price of 4.77 billion yuan, or 22,500 yuan per square meter.
“Concerning its size and location, the residential plot is indeed a rare piece released by the local housing authority,” Luo said. “In comparison, supply of land parcels within the Middle Ring Road purely designated for housing only totaled 5,700 square meters last year.”
Also of note, five land plots covering a combined area of 149,000 square meters will be released for sale this month.
The asking price for the five parcels is 660 million yuan.
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