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HK developer pays costly price for plot
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A MINI-SIZED riverfront plot of land in Pudong New Area yesterday became Shanghai’s most costly parcel by average price in more than three years.
Beating off four other developers, a subsidiary of Hong Kong-based K. Wah Group paid 568 million yuan (US$92.8 million) for the 5,665 square-meter residential plot, or an average gross floor area price of 40,106 yuan per square meter. The final price was 63 percent above its starting price.
“The price seems acceptable to me if we take into consideration its prime location,” said Vincent Gu, associate director of business development, marketing & sales and property management of K. Wah (China) Investment Co Ltd.
“Over the past few years, prices of land parcels in some outlying areas of Shanghai, Chuanshan for instance, have surged rapidly to nearly catch up with those in central locations and I believe the price we paid for this plot is quite reasonable.”
At least 20 percent of the apartments to be built on the plot should be no larger than 90 square meters and that the homes built should be decorated and not bare-shell units
In September 2010, an adjacent residential plot, about 10 times bigger than K. Wah’s parcel yesterday, was bought by Wharf Holdings for an average 35,490 yuan per square meter, according to Soufun.com.
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