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Huangpu residential land plot becomes country’s most expensive this year
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A SUBSIDIARY of Lai Fung Holdings Ltd acquired a residential land plot in downtown Shanghai today for an average gross floor area price of nearly 60,000 yuan (US$9,677) per square meter, making the site the most expensive plot sold in the country so far this year.
The 6,885-square-meter plot in Wuliqiao, Huangpu District, fetched a final price of 59,859 yuan per square meter, a premium of 62.5 percent above its asking price of 36,828 yuan per square meter.
Excluding affordable housing required to be built within the project, which accounts for 30 percent of the total GFA, the real cost of the land designated for commodity housing exceeded 85,000 yuan per square meter, a record on the Chinese mainland, according to Soufun.com, a real estate website.
The previous record was set by Sunac China in 2013 when the Hong Kong-listed developer bought a parcel in Beijing for an average GFA price of 73,000 yuan per square meter.
"The price is still within our expectations despite the fact it is the highest ever registered in the country," said Joe Zhou, head of research for East China operations at Jones Lang LaSalle, an international real estate services provider. "The parcel's prime location coupled with its mini size has made the overall price acceptable. To some extent, it is also a reflection of the optimistic outlook for the city's luxury home market despite the current correction in the overall housing market."
According to earlier documents released by the Shanghai housing authority, all apartment units built on the site must be pre-decorated and the developer is not allowed to sell any units until construction is completed.
Shanghai's land market experienced cooled in the first half of this year as developers stayed cautious amid sluggish property sales.
By value, land sales in the first six months plunged 58 percent from the second half of 2013 and were down 13 percent from the same period a year earlier, an earlier report released by Shanghai Deovolente Realty Co said.
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