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Home » Business » Real Estate
Development plot sets new record
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A residential plot in Shanghai’s Yangpu yesterday set a new record for the northeastern district when it sold for 49,236 yuan (US$7,706) per square meter.
The 15,276 square meter site in Yangpu’s Pingliang area sold for 1.73 billion yuan — 60 percent above its asking price — to Shenzhen-listed Yango Group Co. It has a developable floor area of more than 35,000 square meters.
“The selling price was pretty high, but homes built on the site are likely to fetch upward of 80,000 yuan per square meter,” said Lu Qilin, research director at Shanghai Homelink Real Estate Agency Co.
“Other residential projects in the neighborhood, both new and existing, sell for between 45,000 yuan and 60,000 yuan per square meter,” he said.
Yesterday’s deal broke Yango’s own record in Yangpu, which it set in November after paying 41,078 yuan per square meter for another plot in Pingliang.
Since arriving on the Shanghai scene in 2011, the developer has bought nine plots in the city for a combined 8.9 billion yuan, according to figures from Homelink.
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