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Yeland buys 1st parcel in Qiantan
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Yeland Group Co yesterday bought the first land plot in Qiantan in the Pudong New Area, marking the developer’s initial foray into Shanghai’s property market.
The Shenzhen-listed property developer paid 1.67 billion yuan (US$272 million), or an average 28,899 yuan per square meter, a premium of 44.5 percent, for the 11,557-square-meter parcel which is designated for office and residential purposes.
Qiantan, lying south of the former Expo site and covering 2.8 square kilometers, is positioned as a new business and residential zone. Nearly double the size of the Lujiazui Financial Zone, Qiantan is set to house headquarters of global and domestic multinational firms, culture and media institutes, and sports and leisure facilities.
“Prospects for Qiantan remain very bright due to an earlier released government masterplan (for the area’s development) and we expect land prices in this area to further climb in the future,” Lu Qilin, researcher at Shanghai Deovolente Realty Co, said.
Separately, Rongxin Group from Fujian Province bought a 113,399-square-meter residential parcel in Songjiang District yesterday for 1.237 billion yuan, or 10,800 yuan per square meter on average, a premium of 31.6 percent.
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