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New home supply seen to touch highest
By Cao Qian |
August 28, 2010, Saturday
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Print Edition
Print Edition
THE supply of new homes in Shanghai is set to hit its highest in three months at the weekend as real estate developers gear up to boost sales, betting on recovering market sentiment in September and October -- a high season for home purchases in China.
A total of 1,950 new homes in at least eight apartment projects, most of which are located beyond the city's Outer Ring Road, are due to be released today and tomorrow -- the largest weekend supply since June, according to leading real estate information portal Soufun.com.
In contrast, the previous weekend saw only 444 apartment units launched, Soufun statistics showed.
Among the latest launches during the weekend, CapitaLand, a Singapore-based developer known for its Raffles brand malls, will have units at two of its residential projects for sale -- The Pinnacle in Pudong New Area and The Metropolis in Kunshan, Jiangsu Province -- injecting a total of more than 400 units into the market.
Located at the intersection of Yanggao Road S. and Gaoke Road W., The Pinnacle, whose units are priced between 27,000 yuan and 33,000 yuan (US$3,970 and US$4,853) per square meter, is the only project introduced within the city's Middle Ring Road.
"The market has corrected steeply as the government's determination to cool the country's overheated housing market remains unchanged," said Lu Yiping, an analyst with Soufun. "Developers, particularly with projects in outlying areas of the city, seemed most aggressive in launching their developments because demand from end-users for mid- to low-class houses remained pretty strong despite an overall sluggish buying momentum since mid-April."
Nine of the 10 best-selling residential projects by area in Shanghai in the week ended August 22 were sold at below 20,000 yuan per square meter on average, according to China Real Estate Information Corp.
A total of 1,950 new homes in at least eight apartment projects, most of which are located beyond the city's Outer Ring Road, are due to be released today and tomorrow -- the largest weekend supply since June, according to leading real estate information portal Soufun.com.
In contrast, the previous weekend saw only 444 apartment units launched, Soufun statistics showed.
Among the latest launches during the weekend, CapitaLand, a Singapore-based developer known for its Raffles brand malls, will have units at two of its residential projects for sale -- The Pinnacle in Pudong New Area and The Metropolis in Kunshan, Jiangsu Province -- injecting a total of more than 400 units into the market.
Located at the intersection of Yanggao Road S. and Gaoke Road W., The Pinnacle, whose units are priced between 27,000 yuan and 33,000 yuan (US$3,970 and US$4,853) per square meter, is the only project introduced within the city's Middle Ring Road.
"The market has corrected steeply as the government's determination to cool the country's overheated housing market remains unchanged," said Lu Yiping, an analyst with Soufun. "Developers, particularly with projects in outlying areas of the city, seemed most aggressive in launching their developments because demand from end-users for mid- to low-class houses remained pretty strong despite an overall sluggish buying momentum since mid-April."
Nine of the 10 best-selling residential projects by area in Shanghai in the week ended August 22 were sold at below 20,000 yuan per square meter on average, according to China Real Estate Information Corp.
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