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City sells most land parcels in single day
By Cao Qian |
June 10, 2011, Friday
|
Print Edition
Print Edition
EIGHT land parcels totaling about 380,000 square meters were sold yesterday in Shanghai, the largest single-day release of land so far this year.
The plots fetched a combined 4.25 billion yuan (US$656 million).
Real estate developers were rather cautious in their biddings as they fear that existing restraint measures by the government to combat soaring home prices will remain for some time.
Of the total supply, nearly 57 percent, or 215,000 square meters, are plots designated solely for residential development, and the majority of them are located in Jiading District in the city's northwest.
"Since late January, the local supply of land allocated for residential purposes has been scarce, and the latest batch just offered some consolation," said Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd. "Meanwhile, the sales are a move by the local government to guarantee the future supply of small and medium-sized homes and affordable houses."
According to public documents, small and medium-sized apartments must account for a minimum of 25 percent of the project by buildable area in three of the four parcels offered yesterday that are allocated for home building only. The remaining smallest plot was even auctioned with a condition that small and medium-size units should take up not less than 60 percent of the entire development.
Three residential plots in Nanxiang New Town in Jiading attracted the most attention during yesterday's auctions. The three parcels of 85,000, 71,600 and 37,500 square meters fetched 1.56 billion yuan, 1.25 billion yuan and 651 million yuan, about 28 percent, 33 percent and 24 percent above their asking prices respectively. "The final prices of the three plots, almost equivalent to an average gross floor area price of about 10,000 yuan per square meter, are within our earlier expectations," Song said.
The plots fetched a combined 4.25 billion yuan (US$656 million).
Real estate developers were rather cautious in their biddings as they fear that existing restraint measures by the government to combat soaring home prices will remain for some time.
Of the total supply, nearly 57 percent, or 215,000 square meters, are plots designated solely for residential development, and the majority of them are located in Jiading District in the city's northwest.
"Since late January, the local supply of land allocated for residential purposes has been scarce, and the latest batch just offered some consolation," said Song Huiyong, research director at Shanghai Centaline Property Consultants Ltd. "Meanwhile, the sales are a move by the local government to guarantee the future supply of small and medium-sized homes and affordable houses."
According to public documents, small and medium-sized apartments must account for a minimum of 25 percent of the project by buildable area in three of the four parcels offered yesterday that are allocated for home building only. The remaining smallest plot was even auctioned with a condition that small and medium-size units should take up not less than 60 percent of the entire development.
Three residential plots in Nanxiang New Town in Jiading attracted the most attention during yesterday's auctions. The three parcels of 85,000, 71,600 and 37,500 square meters fetched 1.56 billion yuan, 1.25 billion yuan and 651 million yuan, about 28 percent, 33 percent and 24 percent above their asking prices respectively. "The final prices of the three plots, almost equivalent to an average gross floor area price of about 10,000 yuan per square meter, are within our earlier expectations," Song said.
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