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Developer JV pays 1.6b yuan for Pudong land
By Cherry Cao |
July 25, 2012, Wednesday
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Online Edition
Online Edition
THE joint venture formed one month ago between Greentown China and Sunac China Holdings became the winner today in a land auction after the company agreed to pay more than 1.6 billion yuan (US$252 million) for a residential plot in the city's Pudong New Area.
The 72,802-square-meter parcel in Tangzhen, offered at a starting price of about 1.2 billion yuan, or 11,000 yuan per square meter, was sold to a wholly-owned subsidiary of Shanghai Sunac Greentown Holding for 1.644 billion yuan, or 15,054 yuan per square meter – a premium of 37 percent.
It was the first major land acquisition completed by the joint venture between the two developers. On June 22, Sunac announced it had agreed to pay 3.37 billion yuan in cash to buy stakes in property projects owned by debt-laden luxury home builder Greentown and it was spending the money to take a 50-percent stake in the joint venture, which has nine projects in the cities of Shanghai, Suzhou, Wuxi, Changzhou and Tianjin.
The parcel sold yesterday was first released to the market in December 2011 at a starting price of 1.58 billion yuan but simply failed to draw any interested bidders then.
In December 2009, Greentown paid 1.66 billion yuan, or 19,039 yuan per square meter, for a neighboring plot. In the first half of this year, 41 units built on that plot were sold for an average 43,668 yuan per square meter, according to data released by Netease.
The 72,802-square-meter parcel in Tangzhen, offered at a starting price of about 1.2 billion yuan, or 11,000 yuan per square meter, was sold to a wholly-owned subsidiary of Shanghai Sunac Greentown Holding for 1.644 billion yuan, or 15,054 yuan per square meter – a premium of 37 percent.
It was the first major land acquisition completed by the joint venture between the two developers. On June 22, Sunac announced it had agreed to pay 3.37 billion yuan in cash to buy stakes in property projects owned by debt-laden luxury home builder Greentown and it was spending the money to take a 50-percent stake in the joint venture, which has nine projects in the cities of Shanghai, Suzhou, Wuxi, Changzhou and Tianjin.
The parcel sold yesterday was first released to the market in December 2011 at a starting price of 1.58 billion yuan but simply failed to draw any interested bidders then.
In December 2009, Greentown paid 1.66 billion yuan, or 19,039 yuan per square meter, for a neighboring plot. In the first half of this year, 41 units built on that plot were sold for an average 43,668 yuan per square meter, according to data released by Netease.
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