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Luxury Units Offered For Sale Plunge Nearly 50%
By Cherry Cao |
November 18, 2011, Friday
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AROUND 300 apartments, one third of them luxury units, are due to be released to the Shanghai market over the weekend, a plunge of nearly 50 percent from the same period a week earlier.
Notable discounts of up to 20 percent will be offered at a high-end riverside project developed by Shanghai Greenland Group in downtown Xuhui District. About 100 spacious, well-decorated apartments of around 300 square meters each will be offered for sale this weekend at an average price of 80,000 yuan (US$12,598) per square meter, according to a research released yesterday by real estate website Soufun.com.
The discount aims to attract buyers, a sales woman, who declined to be identified, told Shanghai Daily yesterday.
Tang Zhengwei, a Soufun analyst, said that a price cut ''is without any doubt the most effective method real estate developers may adopt to boost sales ... it seems to be the only solution if they wish to replenish their capital quickly."
Due to the release of the luxury Greenland project, the average sales price of new homes will be about 40,000 yuan per square meter, up 50 percent from the previous weekend, Soufun data showed.
Notable discounts of up to 20 percent will be offered at a high-end riverside project developed by Shanghai Greenland Group in downtown Xuhui District. About 100 spacious, well-decorated apartments of around 300 square meters each will be offered for sale this weekend at an average price of 80,000 yuan (US$12,598) per square meter, according to a research released yesterday by real estate website Soufun.com.
The discount aims to attract buyers, a sales woman, who declined to be identified, told Shanghai Daily yesterday.
Tang Zhengwei, a Soufun analyst, said that a price cut ''is without any doubt the most effective method real estate developers may adopt to boost sales ... it seems to be the only solution if they wish to replenish their capital quickly."
Due to the release of the luxury Greenland project, the average sales price of new homes will be about 40,000 yuan per square meter, up 50 percent from the previous weekend, Soufun data showed.
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