Shanghai's land market will pick up notably in September with at least 22 parcels set for public auction, the most in a single month so far this year, according to an industry research yesterday.

Land plots, designated for all types of development except public use and with a combined site area of 736,000 square meters, are set to be released in September, according to Century 21 China Real Estate, which compiled public information on the official website of Shanghai Urban Planning and Land Resources Bureau.

A minimum price of 8.5 billion yuan (US$134 million) in total has been set for the land plots, according to the local land watchdog.

In the seven months of this year the city sold 1.47 million square meters of land for 23.54 billion yuan.

"Several prime parcels will be introduced next month, which include a highly sought-after piece along the Huangpu River in Pudong New Area," said Huang Hetao, a research manager at Century 21. "Its list price of nearly 29,000 yuan a square meter has already made it the most expensive piece in the city so far this year."

Designated for commercial development, the 11,788 square-meter plot will be auctioned at a starting price of 2.05 billion yuan.

Another plot - 48,200 square meters - in Xujing, western Qingpu District, designated for homes, has received warm response from 14 developers who confirmed their participation in the bidding. The starting price for the parcel is around 7,000 yuan per square meter, or 506 million yuan in total.

Separately, China Vanke Co, the country's largest home builder, acquired yesterday a 57,733 square-meter plot in Songjiang District for 790 million yuan, or an average 5,473 yuan per square meter, a premium of 9.3 percent.

Go to Forum >>0 Comment(s)