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Greattown buys 2 adjacent plots of land for US$806m
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GREATTOWN Holdings Ltd acquired two adjacent land plots in Tangzhen in Shanghai’s Pudong New Area, yesterday for over 5 billion yuan (US$807 million) as the company seeks to replenish its land bank amid improving sentiment among home buyers.
The Shanghai-listed developer beat more than a dozen rivals when it paid 2.9 billion yuan for a 61,248-square-meter parcel designated for residential development, or an average gross floor area price of 27,909 yuan per square meter. The price was 69 percent above its asking price, according to Fang.com, the country’s largest real estate website, previously known as Soufun.com.
Greattown paid 2.17 billion yuan, or an average GFA price of 29,697 yuan per square meter for a neighboring parcel of 52,194 square meters that is also designated for housing purposes. The price paid was 68 percent above the plot’s asking price.
“The average GFA price Greattown paid yesterday is the highest land price ever registered in Tangzhen and also the most expensive price for land plots located beyond the city’s Outer Ring Road,” said Lu Qilin, a researcher at Shanghai Deovolente Realty Co.
“For medium-sized developers like Greattown, land bank remains critical if they want to cement their footprint in first-tier cities ... and that’s why they will pay higher prices compared with their larger-sized counterparts.”
The two parcels were popular among developers as major players like Gemdale, Longfor, Poly, Wharf Holdings as well as several others all participated in yesterday’s auction as the supply of purely residential parcels of land in the area remained limited.
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