Duplex's price in Pudong sets new high
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E-mail Shanghai Daily, November 5, 2013
A Duplex at Tomson Riviera became the most costly apartment in Shanghai when it was sold for 150 million yuan (US$24.6 million) last week and set a record in the city for a single home.
The 824-square-meter property in the heart of Little Lujiazui in the Pudong New Area was one of the 107 units sold last week across the city, whose average price cost more than 50,000 yuan per square meter, Shanghai Deovolente Realty Co said in a report released yesterday.
"The price beat the city's earlier record for a home which was set in August 2011 when a 850-square-meter villa in Pudong's Dongjiao was sold for 135 million yuan," said Lu Qilin, a Deovolente researcher.
"Robust sales of luxury houses, therefore, helped the city's average home price stay above the 25,000 yuan per square meter threshold for the third consecutive week."
The purchases of new homes, excluding government-funded affordable housing, climbed 5.1 percent to 376,000 square meters in Shanghai last week, ending above 300,000 square meters for the fourth straight week. The new homes were sold for an average 25,524 yuan per square meter, up 2 percent week on week, according to Deovolente data.
Meanwhile, Huang Zhijian, a chief analyst at Shanghai Uwin Real Estate Information Services Co, suggests that as long as supply remains tight, the trend of rising prices across every segment of the market will continue amid a sustained strong momentum.
In September and October, the sales of new homes in the city both exceeded 1.4 million square meters.
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