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Parcel south of Bund sets realty records
By Cao Qian |
February 2, 2010, Tuesday
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Print Edition
Print Edition
A 57,000-square-meter plot sitting south of the historic stretch of the Bund finally fetched 9.22 billion yuan (US$1.35 billion) yesterday and became the most expensive parcel in Shanghai by both total and average price.
Privately owned Shanghai Zendai Property Ltd emerged as the winner of the plot after beating three domestic rivals.
The plot, with a starting price of 9 billion yuan, was sold for an average price of 34,148 yuan per square meter, also the highest on the Chinese mainland so far.
An entity consisting of China Enterprise, China Pacific Life Insurance and Taikang Life Insurance; Shanghai New Huangpu (Group) Co Ltd; and another entity led by Shanghai Forte Land and Shanghai Fosun were the three other participants in yesterday's competition.
The site is in an area of the Bund that the city wants to turn into a center dominated by financial institutions - part of a city master plan to turn Shanghai into a global financial center by 2020.
Located between the Yuyuan Garden and the Shiliupu Dock, the site is within Zhongshan Road E2 to the east, Dongmen Road to the south, Renmin Road to the west and Longtan Road to the north.
The area was once home to 2,300 households and more than 200 companies. About 180,000 square meters of dilapidated buildings were razed to make room for the new financial area, city officials said earlier.
Xue Jianxiong, an analyst with E-House (China) Holdings Ltd, noted that Zendai has been shifting its focus to the development of commercial properties from residential projects over the past few years. Zendai developed Thumb Plaza in Pudong's Lianyang area.
"The final price, rather close to the lower end of an earlier market expectation, also indicated that developers are more cautious now after a series of tightening measures were introduced by the government to curb speculation," Xue said.
The land was earlier estimated to fetch between 9 billion yuan and 11 billion yuan.
Zendai will probably seek a strategic partnership to develop the grand project, because it will require huge capital, sophisticated expertise and smooth government relationships, industry analysts said.
One of the four bidders, Shanghai Forte, owned by Guo Guangchang, the 37th richest person on the Chinese mainland in 2009 according to Hurun Report with a personal wealth of 16.5 billion yuan, will probably be a future partner in this project, industry analysts predicted.
Guo owns about 8 percent of Hong Kong-listed Zendai Property, making him the second-largest shareholder of the company, according to earlier media reports.
The redevelopment will complement the existing 76 financial institutions already doing business on the Bund to the north and the Lujiazui financial district across the river in the Pudong New Area.
The buildings that are foreseen for the area can be as large as 270,000 square meters above the ground and 100,000 square meters under the ground.
The northernmost part of the site, from Xinkaihe Road to Longtan Road, is to become a 12,000-square-meter park above the underground traffic lanes while the middle area, from Longtan Road to Fengjing Road, will feature low-rise office buildings and support facilities.
Skyscrapers will be relegated to the southernmost part to create a harmonious skyline along the Bund.
All buildings on the site will be 180 meters or lower in height and construction should start between November 2010 and April 2011. Office buildings will comprise 70 percent of the space, with the remainder devoted to hotel and leisure facilities.
Privately owned Shanghai Zendai Property Ltd emerged as the winner of the plot after beating three domestic rivals.
The plot, with a starting price of 9 billion yuan, was sold for an average price of 34,148 yuan per square meter, also the highest on the Chinese mainland so far.
An entity consisting of China Enterprise, China Pacific Life Insurance and Taikang Life Insurance; Shanghai New Huangpu (Group) Co Ltd; and another entity led by Shanghai Forte Land and Shanghai Fosun were the three other participants in yesterday's competition.
The site is in an area of the Bund that the city wants to turn into a center dominated by financial institutions - part of a city master plan to turn Shanghai into a global financial center by 2020.
Located between the Yuyuan Garden and the Shiliupu Dock, the site is within Zhongshan Road E2 to the east, Dongmen Road to the south, Renmin Road to the west and Longtan Road to the north.
The area was once home to 2,300 households and more than 200 companies. About 180,000 square meters of dilapidated buildings were razed to make room for the new financial area, city officials said earlier.
Xue Jianxiong, an analyst with E-House (China) Holdings Ltd, noted that Zendai has been shifting its focus to the development of commercial properties from residential projects over the past few years. Zendai developed Thumb Plaza in Pudong's Lianyang area.
"The final price, rather close to the lower end of an earlier market expectation, also indicated that developers are more cautious now after a series of tightening measures were introduced by the government to curb speculation," Xue said.
The land was earlier estimated to fetch between 9 billion yuan and 11 billion yuan.
Zendai will probably seek a strategic partnership to develop the grand project, because it will require huge capital, sophisticated expertise and smooth government relationships, industry analysts said.
One of the four bidders, Shanghai Forte, owned by Guo Guangchang, the 37th richest person on the Chinese mainland in 2009 according to Hurun Report with a personal wealth of 16.5 billion yuan, will probably be a future partner in this project, industry analysts predicted.
Guo owns about 8 percent of Hong Kong-listed Zendai Property, making him the second-largest shareholder of the company, according to earlier media reports.
The redevelopment will complement the existing 76 financial institutions already doing business on the Bund to the north and the Lujiazui financial district across the river in the Pudong New Area.
The buildings that are foreseen for the area can be as large as 270,000 square meters above the ground and 100,000 square meters under the ground.
The northernmost part of the site, from Xinkaihe Road to Longtan Road, is to become a 12,000-square-meter park above the underground traffic lanes while the middle area, from Longtan Road to Fengjing Road, will feature low-rise office buildings and support facilities.
Skyscrapers will be relegated to the southernmost part to create a harmonious skyline along the Bund.
All buildings on the site will be 180 meters or lower in height and construction should start between November 2010 and April 2011. Office buildings will comprise 70 percent of the space, with the remainder devoted to hotel and leisure facilities.
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