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Lujiazui flat sold for 116m yuan despite sluggish home sales
By Cherry Cao |
September 17, 2012, Monday
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A DUPLEX apartment in Pudong New Area fetched a record 116 million yuan (US$18.35 million) last week though the city's new home sales remained sluggish.
The 619-square-meter unit at Ocean One, an upscale development in the heart of Lujiazui, was sold at 187,000 yuan per square meter, according to Shanghai Deovolente Realty Co.
"It was the most costly apartment in Shanghai in terms of overall price, beating the previous record of 113 million yuan set by Tomson Riviera, a luxury residential project also in Lujiazui," said Lu Qilin, a Deovolente researcher. "By average price, it was second only to Tomson Riviera, which in 2010 sold an apartment at 189,000 yuan per square meter."
Property curbs to rein in housing speculation and bring down home prices, already in force for nearly two years, seemed to have little impact on the city's top-tier property market, industry statistics showed.
A total of 98 new residential units costing more than 100,000 yuan per square meter have been sold across the city so far this year, an increase of 1 percent from a year ago, according to data released today by Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers.
Meanwhile, sales of homes in new residential developments lost strength for another week despite a rebound in average price.
The purchases of new homes, excluding government-subsidized affordable housing, dipped 1.6 percent to 163,900 square meters last week. They were sold for an average 22,759 yuan per square meter, a week-over-week increase of 9.4 percent, Deovolente data showed.
New home supply fell 13.1 percent last week to 187,000 square meters, extending weakness for the third straight week.
As of Sunday, new home sales in Shanghai totaled 381,000 square meters, up 6.7 percent from same period a month earlier.
The 619-square-meter unit at Ocean One, an upscale development in the heart of Lujiazui, was sold at 187,000 yuan per square meter, according to Shanghai Deovolente Realty Co.
"It was the most costly apartment in Shanghai in terms of overall price, beating the previous record of 113 million yuan set by Tomson Riviera, a luxury residential project also in Lujiazui," said Lu Qilin, a Deovolente researcher. "By average price, it was second only to Tomson Riviera, which in 2010 sold an apartment at 189,000 yuan per square meter."
Property curbs to rein in housing speculation and bring down home prices, already in force for nearly two years, seemed to have little impact on the city's top-tier property market, industry statistics showed.
A total of 98 new residential units costing more than 100,000 yuan per square meter have been sold across the city so far this year, an increase of 1 percent from a year ago, according to data released today by Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers.
Meanwhile, sales of homes in new residential developments lost strength for another week despite a rebound in average price.
The purchases of new homes, excluding government-subsidized affordable housing, dipped 1.6 percent to 163,900 square meters last week. They were sold for an average 22,759 yuan per square meter, a week-over-week increase of 9.4 percent, Deovolente data showed.
New home supply fell 13.1 percent last week to 187,000 square meters, extending weakness for the third straight week.
As of Sunday, new home sales in Shanghai totaled 381,000 square meters, up 6.7 percent from same period a month earlier.
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