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Cinda pays highest premium for land plot
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CINDA Real Estate Co yesterday paid the highest premium so far this year of over 5.8 billion yuan (US$879 million) for a residential plot in Shanghai’s Baoshan District, beating off a challenge from more than 20 rival bidders.
The Shanghai-listed company paid a premium of 303 percent to the reserve price for its successful bid for the 106,400-square-meter site in outlying Gucun area.
Cinda’s bid was equivalent to about 37,000 yuan per square meter of gross floor area. But the actual GFA price for the saleable area was even higher at around 48,000 yuan per square meter.
“This is for sure an extremely high price though everyone had anticipated very fierce competition before the bidding started,” said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Co.
“Currently, new residential properties in the Gucun area are priced at up to 46,000 yuan per square meter which means it will be a big challenge for the developer to make a fair profit from this project.”
The local land authority requires 5 percent of the homes built on this site to be passed to the government as affordable housing while the developer should also ensure that 15 percent of the homes will be leased for 70 years.
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