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Costly plots sold as fever for land continues
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TWO residential plots in Shanghai’s outlying Jiading District were sold to developers at high prices yesterday as land purchasing fever continued unabated.
Fujian Province-based C&D Corp beat more than 10 rivals when it paid 4.2 billion yuan (US$637 million), or a premium of 68.3 percent to the reserve price, for the 86,623-square-meter site in Jiading New City.
C&D’s bid was equivalent to about 30,289 yuan per square meter of gross floor area. But the actual GFA price for the saleable area was higher at around 37,600 yuan per square meter as only 80 percent of homes built on the site could be released to the open market due to government requirements.
An entity of three domestic developers, including Future Land and Zhongyin Estate, paid more than 2.2 billion yuan, or 24,104 yuan per square meter of gross floor area — tripling its asking price — for a 76,200-square-meter site in Xuhang in the district.
“Both prices are high as they have exceeded current home costs in the neighborhood, but that seemed no surprise at all as that was exactly what we have seen in the city for the past month,” said Lu Wenxi, a senior manager of research at Shanghai Centaline Property Consultants Co.
“The decisions by these developers to pay such high prices for the land plots actually reflected their ambitious long-term expansion strategy in key cities like Shanghai where housing demand continues to be strong while supply of quality residential land is always tight,” Lu explained.
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