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Poly unit lands plot for housing in Shanghai
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A SUBSIDIARY of state-owned Poly Real Estate yesterday acquired a plot of residential land in northeast Shanghai’s Yangpu District after outbidding major rivals, including Hong Kong’s Wharf Holdings, in a nearly two-hour bidding.
The 33,007-square-meter parcel, located in an area within Tongbei Road to the east, Huimin Road to the south, Liaoyang Road to the west and Huoshan Road to the north, was sold for 3.24 billion yuan (US$520 million) to the Guangzhou-based developer, or an average gross floor area price of 39,264 yuan per square meter.
The price paid was a premium of 36.8 percent from its starting price of 2.37 billion yuan, or a GFA price of 28,700 yuan per square meter on average.
“It was one of the few pure residential land pieces within the city’s Inner Ring Road that was offered in Shanghai for bidding in recent years, so it was no surprise that competition was intense,” said Huang Hetao, vice director of research at Century 21 China Real Estate.
“The final price was not cheap but was still within a reasonable range mainly given its convenient traffic access.”
Prices of newly built houses in the same area are 60,000 yuan per square meter while pre-owned homes usually command between 30,000 yuan and 40,000 yuan per square meter, market data showed.
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