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Land market picks up with auction
By Cherry Cao |
June 7, 2012, Thursday
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Print Edition
Print Edition
EIGHT land parcels totaling nearly 200,000 square meters were auctioned yesterday in Shanghai, the most offered in a single day so far this year following a quiet land market in the first five months.
Located in the districts of Jiading, Yangpu and Hongkou as well as Pudong New Area, the plots designated for residential, office and commercial development were sold for 2.59 billion yuan (US$410 million).
Most attention was focused on one plot allotted for commercial development in Jiading when it fetched 16,063 yuan per square meter, above its starting price of 3,000 yuan a square meter, while two others were sold at the asking prices.
Shanghai Wanzhuo Investment Co Ltd paid 175 million yuan yesterday for the 21,789 square-meter parcel in Jiading New Town.
"Compared with its asking price, the final price the developer has agreed to pay might be considered quite high but my point of view is that the price is still acceptable," said Gong Min, a senior research manager at Shanghai Centaline Property Consultants Ltd, yesterday. "It indicated the developer is upbeat about the commercial real estate prospects in the area."
The land market was quiet from January to May on a sluggish supply, Centaline said.
The sales of land for residences hit 4.76 billion yuan between January and May in Shanghai, down 80 percent annually. Plots for office/commercial uses were sold for 3.44 billion yuan, an annual plunge of 71 percent.
Over the period, 1.13 million square meters of land for housing were released, an annual fall of 64 percent, while 847,000 square meters were for office/commercial uses, down 17 percent annually, Centaline data showed.
Located in the districts of Jiading, Yangpu and Hongkou as well as Pudong New Area, the plots designated for residential, office and commercial development were sold for 2.59 billion yuan (US$410 million).
Most attention was focused on one plot allotted for commercial development in Jiading when it fetched 16,063 yuan per square meter, above its starting price of 3,000 yuan a square meter, while two others were sold at the asking prices.
Shanghai Wanzhuo Investment Co Ltd paid 175 million yuan yesterday for the 21,789 square-meter parcel in Jiading New Town.
"Compared with its asking price, the final price the developer has agreed to pay might be considered quite high but my point of view is that the price is still acceptable," said Gong Min, a senior research manager at Shanghai Centaline Property Consultants Ltd, yesterday. "It indicated the developer is upbeat about the commercial real estate prospects in the area."
The land market was quiet from January to May on a sluggish supply, Centaline said.
The sales of land for residences hit 4.76 billion yuan between January and May in Shanghai, down 80 percent annually. Plots for office/commercial uses were sold for 3.44 billion yuan, an annual plunge of 71 percent.
Over the period, 1.13 million square meters of land for housing were released, an annual fall of 64 percent, while 847,000 square meters were for office/commercial uses, down 17 percent annually, Centaline data showed.
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