On January 30th, Shanghai’s first land auction after the introduction of the property tax saw state-owned real estate developers undeterred in their appetite for new sites. At the auction, Greenland Group acquired a 106,000 sqm parcel zoned for mixed-used in Chengqiao town of Chongming district for RMB 772 million. The transaction price was 143% higher than the auction’s starting price, and the site has a permitted plot ratio of 1.2 for residential and 1.5 for retail and office use.
At the same auction, Yingdalai Real Estate purchased a residential site in Pudong’s Lingang area for RMB 376 million. The Lingang plot has a total site area of 63,000 sqm with permitted plot ratio of 1.4, and the accommodation value at purchase was RMB 4,269 per sqm. The transaction price that Yingdalai paid was 206% more than the starting price. Sino Ocean Land also purchased a residential location in Baoshan district’s Yangxing town for RMB 3.13 billion. Sino Ocean’s site has a total land area of 137,708 sqm with a permitted plot ratio of 2.0. At the price that Sino Ocean paid, the accommodation value for the transaction is estimated at RMB 11,378 per sqm.
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