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Land plot bought for 18.8% premium
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CHINA Jinmao Holdings Group Ltd, the real estate and hotel arm of Sinochem Group, acquired a land plot in Shanghai’s Hongkou District for over 2.55 billion yuan (US$369 million) yesterday, beating six rivals.
The 14,100-square-meter site, earmarked for office and commercial property, cost Jinmao an average gross floor area price of 45,153 yuan per square meter, or an 18.8 percent premium from its starting price.
“Located in the North Bund area, the land piece boasts great development prospects with good locations as well as views of the Huangpu River,” said Lu Wenxi, senior manager of research at Shanghai Centaline Property Consultants Co. “The final price was pretty high but still seemed reasonable as it reflected the developer’s strong confidence in this area.”
Office and commercial projects in the neighborhood are sold for more than 50,000 yuan per square meter, with the most expensive development asking for 90,000 yuan per square meter, according to Centaline data.
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