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Shanghai record for Huangpu land plot
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Shanghai set a new record price for land this year when Winmine Investment Ptd paid 42,821 yuan per square meter (US$7,026) for a plot in downtown Huangpu District yesterday.
Winmine, a subsidiary of Singapore-listed Wing Tai Holdings Ltd, acquired the 8,594-square-meter parcel next to the Xintiandi area ahead of rivals including China SCE Property Holdings Ltd and Shanghai Yongye Group.
The parcel had a starting price of 748 million yuan, or 29,013 yuan per square meter, and was sold for 1.1 billion yuan, a premium of 47 percent.
The plot is designated for office and commercial purposes.
“This seems to me a fair price concerning the plot’s prime location,” said Sky Xue, an analyst at China Real Estate Information Corp (CRIC). “Moreover, taking into consideration its rather small size, the total investment for the project is still controllable despite the high average price.”
The city’s previous record was set in October when a subsidiary of Hong Kong-based K. Wah Group paid 568 million yuan for a riverfront plot in the Pudong New Area. The 5,665-square-meter residential parcel fetched an average gross floor area price of 40,106 yuan per square meter, or 63 percent above its starting price.
Shanghai has seen robust land sales this year with plots worth more than 185 billion yuan sold across the city by yesterday, according to CRIC.
Land sales for the whole year are expected to surpass 200 billion yuan as parcels with a combined asking price of 18.2 billion yuan are to be auctioned in December.
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