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Tomson Gains From Increases In Leasing Transactions

TOMSON Riviera, known for its record-setting prices when unveiled in 2005, said yesterday that leasing activities have been climbing over the past few months although the overall leasing pace for high-end homes remains stagnant across the city.

A total of 21 luxury apartments of 434 square meters each have so far been leased to tenants who are executives in multinational companies as well as some domestic entrepreneurs. They pay monthly rents ranging from 50,000 yuan (US$7,320) to 100,000 yuan, company officials said.

Tomson Group, developer of the luxury residential development in Pudong's Lujiazui area, introduced one of its four buildings, Block B, for leasing in August 2008 at monthly rents between 50,000 yuan and 120,000 yuan.

"Leasing activities at Block B, which comprises 74 units, have been very good over the past three months," said Li Min, a sales manager at Tomson Riviera. "About 75 percent of the deals were secured during the period (March to May) with five units being leased in May alone."

Tomson Riviera generated huge publicity when its apartments were sold from 110,000 yuan per square meter - then the most expensive in the country - at their launch in 2005.

The asking price now for apartments at Block A, which is designated for sales only, is 146,000 yuan per square meter on average, according to Li, who confirmed the sale of four units at the block.

The firm did not release any details on Block C and Block D.

The leasing market for high-end residences in Shanghai have been hit hard since late last year when the global financial turmoil started to impact the country.


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