[photopress:Huangpu_District_2004.JPG,full,alignright]A prime land parcel located in Shanghai’s central Huangpu District will shortly go on offer. Developers will go for it like a starving dingo at a dead rabbit for there is a widening gap between land supply and demand and this has made developers very keen. The illustration was taken in 2004. We have moved on since then.
The plot, located in downtown Nanjing Road East area and occupying a total of 13,709 square meters, is designated for commercial and office use.
Interested developers are required to pay RMB200 million ($25.97 million) as deposit. This is the highest so far this year for a single land parcel in the city and in other cities in other countries simply would kill the sale from the outset.
It is estimated the final price for the land could exceed RMB2 billion (note carefully that is billion while the deposit is in million) because of its prime location as well as the expected scarcity of such sites in the city’s downtown.
The majority of land available in recent public biddings are located beyond the Outer Ring Road.
Recently, Greentown China bought a 59,253-square-meter land, located between the Middle Ring Road and Outer Ring Road in northeastern Yangpu District, for RMB1.26 billion. The opening bid for the plot was RMB516 million.
Source: Shanghai Daily