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Home » Business » Real Estate
Gemdale beats 9 rivals to site
By Cao Qian |
April 30, 2009, Thursday
|
Print Edition
Print Edition
GEMDALE Corp, one of the country's largest developers by market value, beat nine competitors to acquire a 83,645-square-meter plot of land in Shanghai's western Qingpu District yesterday for 560 million yuan (US$82 million).
The gross floor area, or GFA, price of the land, which is located in the Xujing area and designated for residential use, is around 5,500 yuan per square meter.
"We think it is a good time to purchase land plots now as the market has become more rational compared to 2007," Zhao Hanzhong, vice president of Gemdale and also chairman and general manager of its Shanghai operations, told Shanghai Daily yesterday in a phone interview. "We are very optimistic about the housing market in Shanghai as well as the whole Yangtze River Delta region and will certainly increase our portfolio in the region over the coming years."
The land market in the city as well as nationwide boomed during the second half of 2007 when real estate developers paid record prices for plots of land in a then overheated housing market. A land plot in the same Xujing area, for example, was sold at more than 7,000 yuan per square meter to a domestic developer in December 2007, data showed.
Under Gemdale's plan, mid to high-end homes will be built on the Xujing plot and they will be available for sale in September 2010.
Over the past few months the market saw booming home sales nationwide. More than 100 million square meters of new houses, excluding those designated for relocation uses, were sold across the country during the first quarter, a year-on-year rise of 8.3 percent, according to latest statistics released by DTZ, a real estate services provider.
Meanwhile, individual home buyers took out a total of 98.4 billion yuan in mortgages between January and March, a jump of 13.2 percent from the same period a year earlier, the first time loans have risen since the second quarter of 2008.
Despite encouraging signs, property developers were still cautious about buying land, especially plots meant for residential use.
The gross floor area, or GFA, price of the land, which is located in the Xujing area and designated for residential use, is around 5,500 yuan per square meter.
"We think it is a good time to purchase land plots now as the market has become more rational compared to 2007," Zhao Hanzhong, vice president of Gemdale and also chairman and general manager of its Shanghai operations, told Shanghai Daily yesterday in a phone interview. "We are very optimistic about the housing market in Shanghai as well as the whole Yangtze River Delta region and will certainly increase our portfolio in the region over the coming years."
The land market in the city as well as nationwide boomed during the second half of 2007 when real estate developers paid record prices for plots of land in a then overheated housing market. A land plot in the same Xujing area, for example, was sold at more than 7,000 yuan per square meter to a domestic developer in December 2007, data showed.
Under Gemdale's plan, mid to high-end homes will be built on the Xujing plot and they will be available for sale in September 2010.
Over the past few months the market saw booming home sales nationwide. More than 100 million square meters of new houses, excluding those designated for relocation uses, were sold across the country during the first quarter, a year-on-year rise of 8.3 percent, according to latest statistics released by DTZ, a real estate services provider.
Meanwhile, individual home buyers took out a total of 98.4 billion yuan in mortgages between January and March, a jump of 13.2 percent from the same period a year earlier, the first time loans have risen since the second quarter of 2008.
Despite encouraging signs, property developers were still cautious about buying land, especially plots meant for residential use.
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