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Cinda lands residential plot for record US$1.1b
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Cinda Real Estate Co yesterday completed the biggest residential land deal of the year in Shanghai, beating off the challenge of more than 10 rival bidders to secure a plot in Yangpu District for close to 7.3 billion yuan (US$1.1 billion).
With a developable floor area of 148,500 square meters, the winning bid represented an average cost of 49,150 yuan per square meter.
The site, in New Jiangwan Town, sold at a premium of 82 percent to the reserve price.
The last time a residential plot was sold in the area was in July 2012, when a 40,000-square-meter parcel went for an average price of 11,800 yuan per square meter, according to figures from Shanghai Homelink Real Estate Agency.
鈥淭his is the most expensive housing plot sold in Shanghai this year,鈥 said Lu Wenxi, a senior manager at Shanghai Centaline Property Consultants.
鈥淚t won鈥檛 be easy to make a profit, as the land cost exceeds the average selling price in the area,鈥 he said.
According to figures from Centaline, the mean price of homes sold in New Jiangwan this year is just over 46,000 yuan per square meter.
Thaihot Group, Poly Real Estate and a joint venture between Longfor Property and Ping An Insurance Group were among the bidders that missed out at yesterday鈥檚 sale.
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