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Most expensive land parcel in Yangpu
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A PURE residential plot in Yangpu District fetched an average price of 49,236 yuan (US$7,664) per square meter today, the most costly land piece ever sold in the northeastern district, latest evidence for developers' confidence amid robust property sales registered over the past few months.
The 15,276-square-meter parcel, located in Pingliang area with a total gross floor area space of more than 35,000 square meters, was sold for 1.73 billion yuan to Shenzhen-listed Yango Group Co Ltd, or nearly 60 percent above its asking price.
"That was a pretty high price if we take a look at some residential projects in the neighbourhood, most of which -- including both new and existing developments -- asking for between 45,000 yuan per square meter and 60,000 yuan per square meter," said Lu Qilin, director of research at Shanghai Homelink Real Estate Agency Co Ltd. "However, houses built on this plot should still be able to fetch 80,000 yuan per square meter or above when they get ready for sale in a few years' time."
In November last year, Yango acquired a residential parcel in the same Pingliang neighbourhood for an average price of 41,078 yuan per square meter, then the most expensive plot in the district. The developer, which first tapped the city's property market in 2011, has so far acquired nine land parcels in Shanghai with a total price of 8.92 billion yuan, according to Shanghai Homelink's data.
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