Home » Business » Real Estate
Lujiazui plot sells for less than expected
By Cherry Cao |
August 11, 2012, Saturday
|
Print Edition
Print Edition
A LAND plot in Lujiazui area in Shanghai's Pudong New Area was sold yesterday for less than market expectations, the latest sign the city's land market is still far from recovering despite improving property sales over the past few months.
Shanghai Wind Information Co, a Lujiazui-based financial data provider, purchased the 9,003-square-meter plot for 800 million yuan (US$126 million), or about 22,200 yuan per square meter.
The plot was designated for commercial and office use and had garnered a fair amount of attention due to its prime location. However, only two companies participated in the auction with an asking price of 799 million yuan.
"The final price was about 30 percent cheaper than that of similar plots sold a few years ago," said Huang Hetao, research manager with Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers. "The few number of participants also indicated that developers still remain very cautious in acquiring land even though buying sentiment has been picking up notably over the past months."
Land parcels, designated for all types of developments except public use and with a combined site area of 1.47 million square meters, were sold for 23.54 billion yuan in Shanghai in the first seven months of this year, a drop of 54 percent on an annual basis, according to Century 21 data.
In July, 47 of the 54 plots sold in the city only managed to fetch asking prices.
Shanghai Wind Information Co, a Lujiazui-based financial data provider, purchased the 9,003-square-meter plot for 800 million yuan (US$126 million), or about 22,200 yuan per square meter.
The plot was designated for commercial and office use and had garnered a fair amount of attention due to its prime location. However, only two companies participated in the auction with an asking price of 799 million yuan.
"The final price was about 30 percent cheaper than that of similar plots sold a few years ago," said Huang Hetao, research manager with Century 21 China Real Estate, operator of the city's largest estate chain in terms of outlet numbers. "The few number of participants also indicated that developers still remain very cautious in acquiring land even though buying sentiment has been picking up notably over the past months."
Land parcels, designated for all types of developments except public use and with a combined site area of 1.47 million square meters, were sold for 23.54 billion yuan in Shanghai in the first seven months of this year, a drop of 54 percent on an annual basis, according to Century 21 data.
In July, 47 of the 54 plots sold in the city only managed to fetch asking prices.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
