Lower prices help Tomson sell out Shanghai luxury villas

Tomson Group, the Hong Kong-based developer has sold 100 units of luxury villas in Shanghai Pudong area since October 12, Oriental Morning Post reported (in Chinese). According to YouWin, a local real estate consultancy, the developer has sold plots in Tomson Riviera Garden for US$133 million at the price of US$4,400 per square meter. The success of the past month is in sharp contrast with sales of its Riviera luxury apartments since 2005: three total units with an average price of US$15,000 per square meter. According its half year report, property sales revenue was only US$282,000.