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Qiantan's development kicks off with sale of 1.67b yuan parcel
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THE first land plot in Qiantan, in the Pudong New Area, was sold today to Yeland Group Co Ltd as the Shenzhen-listed developer made its initial foray into the city's property market.
Covering a site area of 11,557 square meters, the parcel, designated for office and residential purposes, was sold for 1.67 billion yuan (US$272 million), or an average 28,899 yuan per square meter, a premium of 44.5 percent.
"The large-scale development of Qiantan area officially started today with the sale of the plot," said Lu Qilin, a researcher at Shanghai Deovolente Realty Co. "Prospects for Qiantan remain very bright due to an earlier released government masterplan and we expect land prices in this area to further climb in the future."
Qiantan, south of the former Expo site and covering 2.8 square kilometers, has been positioned as a new business and residential zone in Shanghai. Nearly doubling the size of the Lujiazui Financial Zone, Qiantan is expected to be home to headquarters of global and domestic multinational firms, culture and media institutes, and sports and leisure facilities.
In another land auction held today, Rongxin Group from southeastern Fujian Province acquired an 113,399-square-meter residential parcel in outlying Songjiang District for 1.237 billion yuan, or 10,800 yuan per square meter on average, a premium of 31.6 percent.
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