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Record price for Pudong parcel
A LAND parcel adjacent to Little Lujiazui in the Pudong New Area became the most expensive residential plot in Shanghai after being acquired yesterday by a Hong Kong developer at a price of 35,490 yuan (US$5,219) per square meter.
A subsidiary of The Wharf (Holdings) Ltd agreed to pay a total of 4.8 billion yuan for the 54,415-square-meter plot, beating two rivals, including fellow Hong Kong developer Sun Hung Kai Properties.
Starting price for Lot E18 (9-3), a rare offering in the city's land market due to its nearness to the Huangpu River, was 3.4 billion yuan, or 25,113 yuan per square meter, according to the website of Shanghai Municipal Bureau of Planning and Land Resources, the city's land watchdog.
The plot, surrounded by Pudong Road S. to the east, Puming Road to the west, Ningyang residential community to the south and Zhangjiabang greenbelt to the north, attracted great interest from real estate developers since being introduced to the market in May.
"The final price actually fell short of the expectations of many analysts and it indicated that real estate developers remained cautious about the overall housing market despite some signals of recovering sentiment among home buyers over the past month," said Sky Xue, an analyst with China Real Estate Information Corporation.
"According to earlier predictions, the land plot could have sold reasonably at between 40,000 yuan and 45,000 yuan per square meter and might have fetched as much as 50,000 yuan per square meter."
A neighboring land parcel obtained earlier by Sun Hung Kai Properties garnered a lot of recent attention upon reports that residential units being built on that plot might set a new record in Shanghai. Some of its units may sell for as much as 200,000 yuan per square meter upon completion.
Luxury apartments at Little Lujiazui area with views of the Huangpu River usually ask from 80,000 yuan to nearly 200,000 yuan per square meter. Residential units without river views are often tagged for 50,000 yuan to 80,000 yuan per square meter, industry data show.
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