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Developers upbeat on property
By Cao Qian |
May 8, 2010, Saturday
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Print Edition
Print Edition
DEVELOPERS remained rather bullish about Shanghai's real estate market despite the current sluggish buyer momentum which was triggered by recent state efforts to curb speculation.
Five land plots, three located in Pujiang Town of Minhang District and one each in New Jiangwan Town of Yangpu District and Guangfulin area of Songjiang District totaling 610,000 square meters, were sold through auctions yesterday to domestic real estate developers for "quite high" prices, industry analysts said.
Poly Real Estate, China's second-largest listed developer, acquired two parcels in Pujiang Town yesterday while a combined entity of Shanghai Lujiazui Finance and Trade Zone Development Co and a commercial property developer in Pudong New Area bought the third piece.
"More than 40 developers showed interest in the three parcels since they were launched in late April and final prices for the three plots all more than doubled from their starting prices, a sign that developers still hold a sanguine outlook despite recent measures by the (central) government," said Gong Min, a research manager with Shanghai Centaline Property Consultants Ltd.
The three plots in Pujiang Town were sold at average per gross floor area prices of 11,161 yuan (US$1,634), 9,727 yuan and 12,761 yuan per square meter respectively. New apartments in the area are sold for around 20,000 yuan per square meter and villas from 35,000 yuan to more than 70,000 yuan per square meter, Centaline data showed.
The plot in Guangfulin was sold to a local developer for 13,724 yuan per square meter, nearly doubling its starting price. Shanghai Chengtou Corp bought the plot in New Jiangwan Town for a per gross floor area price of 10,047 yuan per square meter.
Five land plots, three located in Pujiang Town of Minhang District and one each in New Jiangwan Town of Yangpu District and Guangfulin area of Songjiang District totaling 610,000 square meters, were sold through auctions yesterday to domestic real estate developers for "quite high" prices, industry analysts said.
Poly Real Estate, China's second-largest listed developer, acquired two parcels in Pujiang Town yesterday while a combined entity of Shanghai Lujiazui Finance and Trade Zone Development Co and a commercial property developer in Pudong New Area bought the third piece.
"More than 40 developers showed interest in the three parcels since they were launched in late April and final prices for the three plots all more than doubled from their starting prices, a sign that developers still hold a sanguine outlook despite recent measures by the (central) government," said Gong Min, a research manager with Shanghai Centaline Property Consultants Ltd.
The three plots in Pujiang Town were sold at average per gross floor area prices of 11,161 yuan (US$1,634), 9,727 yuan and 12,761 yuan per square meter respectively. New apartments in the area are sold for around 20,000 yuan per square meter and villas from 35,000 yuan to more than 70,000 yuan per square meter, Centaline data showed.
The plot in Guangfulin was sold to a local developer for 13,724 yuan per square meter, nearly doubling its starting price. Shanghai Chengtou Corp bought the plot in New Jiangwan Town for a per gross floor area price of 10,047 yuan per square meter.
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