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Monthly land sales fall as supply drops
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MONTHLY land sales in Shanghai fell below 10 billion yuan (US$1.6 billion) for the first time in a year as supply volume declined by double digits.
The city has auctioned 12 land parcels, excluding those designated for public uses, so far this month for a combined 9.84 billion yuan, a month-on-month decline of 12.8 percent and an annual rise of 4 percent by value, according to data released yesterday by Century 21 China Real Estate.
The auctioned plots included a 16,300-square-meter site sold yesterday in outlying Songjiang District, which was the last piece of land released for auction this month. The plot, designated for food and beverage facilities, was sold at its asking price of 72.1 million yuan, or an average gross floor area price of 4,417 yuan per square meter.
“While the March figure was the lowest registered since April 2013, it didn’t necessarily indicate a significant decline in sentiment in the city’s land market,” said Huang Hetao, vice director of research at Century 21.
“A notable drop in supply volume was probably the major reason behind that,” he said.
Twelve plots totaling around 560,000 square meters were released locally for sale this month, an annual drop of 23.1 percent and a monthly fall of 20.8 percent, Century 21 said.
For April, 16 land plots covering a combined site area of over 370,000 square meters have been set for auction in the city, with prices starting at 5.1 billion yuan, Century 21 said.
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