Related News
Home » Business » Real Estate
Shanghai residential land plot fetches US$522 million at auction
Online Edition
A SUBSIDIARY of state-owned Poly Real Estate acquired a residential land plot in the city's northeastern Yangpu District today after winning an intense bidding session that lasted almost two hours.
The 33,007-square-meter parcel, located in an area surrounded by 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$522 million) to the Guangzhou-based developer, for an average gross floor area price of 39,264 yuan per square meter.
That represented a premium of 36.8 percent compared to its starting price of 2.37 billion yuan, or a GFA price of 28,700 yuan per square meter on average.
Poly's major rivals in today's bidding included Wharf Holdings of Hong Kong, an entity involving Hong Kong-listed Sunac China and Xiamen-based C&D Real Estate, as well as Beijing Gem Real Estate.
"It was one of the few pure residential land plots left within the city's Inner Ring Road 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, operator of one of the city's leading real estate chains. "The final price was not cheap but was still within a reasonable range, mainly given its convenient traffic access."
Prices for new houses in the same neighborhood now stand around 60,000 yuan per square meter, while existing homes usually seek a price of between 30,000 yuan and 40,000 yuan per square meter, market data shows.
Only four land plots covering a total site area of 95,000 square meters, excluding those designated for affordable housing, are set to be released in the city this month, a drop of 73 percent from April, according to Soufun data.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
