[photopress:Yangpu_District_Crowne_Plaza.jpg,full,alignright]Hong Kong-listed Greentown Real Estate Group won a land auction for a plot in Yangpu District, Shanghai, with a bid of RMB1.26 billion ($165.4 million) yesterday, more than doubling its starting price of RMB516 million. (Our illustration does not show the precise plot. It is the Crowne Plaza in Yangpu which is the nearest we can get.)
Song Weiping, chairman of the winning bidder and Hong Kong-listed Greentown Real Estate Group, said the company is good at developing high-end apartments. He is confident about the New Jiangwan City plot although the land cost equaled RMB12,500 per square meter. That is each apartment costs RMB12,500 per square meter before the block is cleared. What the end price will be is more than somewhat.
Greentown, the biggest developer in Zhejiang, once developed high-ended apartments in Shanghai, but it has been short of land in the city for years.
Song Weiping said the bidding was mainly among four developers — Chongqing Longhu, Shanghai Gemdale and Capital Land as well as Greentown.
He said, ‘My baseline price was RMB1.29 billion.’
The D1 plot in New Jiangwan of northeastern Yangpu covers an area of 59,253.7 square meters and is zoned for residential use. It is surrounded by Zhengcheng Road, Guoxiao Road, Songhu Road and Yinhang Road.
Source: Shanghai Daily