Shanghai sees more record-breaking residential transactions

KUALA LUMPUR: The Shanghai real estate industry saw more record-breaking residential transactions in early March, according to Shanghai Business.

Quoting the latest data from China Real Estate Information Corp (CRIC), the Chinese media reported that Sunville in Sheshan, Shanghai, has transacted two villas at RMB247 million (RM120.2 million) on March 3.

One of the villas, with a gross floor area of 3,183 sq m (34,262 sq ft), was sold for RMB180 million (RM87.6 million) – or RM27,521 psf. The other villa in Sunville has a total gross floor area of 1,172 sq m.

These two transactions of 4,355 sq m translate into RMB56,801 psf (RM27,647 psf). Shanghai Business said the selling price was lower than the online indicative pricing of RMB65,000 psf (RM31,638 psf).

It is believed that these two units were launched in May 2008.

Nevertheless, Shanghai Uwin Real Estate Information Services Co quoted the transacted price as RMB24,866 psf (RM12,103) for the two units. At press time, Shanghai Business couldn’t get any other reliable transaction data.