Sixteen luxury apartments were sold in the past two weeks in Shanghai's
Pudong New Area at what was the Chinese mainland's costliest residential
development upon launch, according to the city's housing Website.
sales spurt is another indication that the property market is heating up,
especially for upscale properties.
Tomson Riviera in Pudong's Lujiazui
area turned heads at its launch in 2005 when the starting price for one of its
apartments was 110,000 yuan (US$16,105) per square meter. But investors didn't
seem too impressed as only four apartments were sold in four years.
16 units, about 430 square meters each, sold in the past two weeks were on the
mid to lower floors of Block C, one of Tomson Riviera's four buildings. The
developer launched Block C on June 22 at an average price of 110,000 yuan per
square meter although units on the mid to lower floors sell for an average of
about 95,000 yuan per square meter.
The developer made Block B available
for leasing in August, asking for monthly rentals between 50,000 yuan and
The city's housing market witnessed major signs of a
recovery in the second quarter of this year with luxury homes a hot commodity
after many buyers were seeking to park their cash in real estate as a hedge
against inflation, industry analysts said.
A total of 2,793 units of new
homes with a price tag of more than 30,000 yuan per square meter were sold
across the city in the first six months of this year at an average price of
41,099 yuan per square meter, compared with 2,403 units in the same period a
year earlier, according to Shanghai Uwin Real Estate Information Services
Last month, sales of new homes with a price above 30,000 yuan per
square meter accounted for 7.55 percent of total transactions, an increase of
1.4 percentage points from May, according to the research firm.