Home » Business » Real Estate
Greentown-Sunac JV wins auction for Pudong plot
By Cherry Cao |
July 26, 2012, Thursday
|
Print Edition
Print Edition
A joint venture between Greentown China and Sunac China Holdings, formed just a month ago, emerged as the winner at a land auction yesterday in Shanghai after it 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 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 that 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 that it would 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 late 2011 at a starting price of 1.58 billion yuan but 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 site. In the first half of this year, 41 units built on that site were sold for an average 43,668 yuan per square meter, according to data released by Netease.
In Tangzhen area, meanwhile, some 47,000 square meters of new homes, excluding government-funded affordable housing, were sold during the six-month period at an average price of 23,200 yuan per square meter, according to Century 21 China Real Estate.
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 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 that 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 that it would 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 late 2011 at a starting price of 1.58 billion yuan but 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 site. In the first half of this year, 41 units built on that site were sold for an average 43,668 yuan per square meter, according to data released by Netease.
In Tangzhen area, meanwhile, some 47,000 square meters of new homes, excluding government-funded affordable housing, were sold during the six-month period at an average price of 23,200 yuan per square meter, according to Century 21 China Real Estate.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
