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Land auctions continue briskly
By Cao Qian |
January 22, 2011, Saturday
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Print Edition
Print Edition
FIVE land parcels of more than 248,000 square meters were auctioned yesterday in Shanghai for a combined 5.08 billion yuan (US$772 million).
Poly Real Estate Group, China's second-largest listed developer, acquired a 98,805-square-meter plot in Dachang Town in Baoshan District, the only parcel solely designated for residential purposes, for 2.657 billion yuan, 156 percent higher than its starting price. The parcel's average gross floor area price was 13,445 yuan per square meter, the most expensive price registered yesterday.
The remaining four plots, three of them in Jiading District, are all designated for mixed-use purposes consisting of retail, residential and office development.
"All the five plots auctioned today included space for housing development, and that doesn't happen frequently in Shanghai's land market," Lu Yiping, an analyst of real estate services website Soufun.com, said yesterday. "That helped attract developers."
Hong Kong-listed Sino-Ocean Land Holdings Ltd paid 538 million yuan for a 35,642-square-meter plot - zoned for retail and residential projects - in Baoshan's Luodian New Town as the developer expanded around the area. The average gross floor area price for the plot was 6,041 yuan per square meter, 44 percent above its asking price. Sino-Ocean Land bought two parcels - for residential projects - in the same area in August for 1.9 billion yuan.
The other three plots in Jiading were sold to different developers for average gross floor area prices of 4,533 yuan, 7,500 yuan and 8,800 yuan per square meter.
Poly Real Estate Group, China's second-largest listed developer, acquired a 98,805-square-meter plot in Dachang Town in Baoshan District, the only parcel solely designated for residential purposes, for 2.657 billion yuan, 156 percent higher than its starting price. The parcel's average gross floor area price was 13,445 yuan per square meter, the most expensive price registered yesterday.
The remaining four plots, three of them in Jiading District, are all designated for mixed-use purposes consisting of retail, residential and office development.
"All the five plots auctioned today included space for housing development, and that doesn't happen frequently in Shanghai's land market," Lu Yiping, an analyst of real estate services website Soufun.com, said yesterday. "That helped attract developers."
Hong Kong-listed Sino-Ocean Land Holdings Ltd paid 538 million yuan for a 35,642-square-meter plot - zoned for retail and residential projects - in Baoshan's Luodian New Town as the developer expanded around the area. The average gross floor area price for the plot was 6,041 yuan per square meter, 44 percent above its asking price. Sino-Ocean Land bought two parcels - for residential projects - in the same area in August for 1.9 billion yuan.
The other three plots in Jiading were sold to different developers for average gross floor area prices of 4,533 yuan, 7,500 yuan and 8,800 yuan per square meter.
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