Yanlord Land said Thursday it has fully sold the first batch of 299 apartment units within five hours of the launch of its Shanghai project, Yanlord Arcadia, fetching 5.075 billion yuan in pre-sales.
The project has a total of 1,171 units and retail shops, according to a Yanlord development schedule, which said the estimated completion date was the third quarter of 2023.
The Yanlord Arcadia project, which is located in Shanghai’s Yangpu District, is high-rise development with unit sizes from 80 square meters to 271 square meters, and two bedroom to five bedroom, Yanlord said in a filing to SGX.
Yanlord Chairman and CEO Zhong Sheng Jian said the launch reflected strong local upgrader demand.
“We hope that Yanlord Arcadia can contribute to the urban regeneration and regional development of Yangpu District as well as the new community and lifestyle in Shanghai in the coming 10 years,” Zhong said in the statement.
The formerly industrial district has been undergoing redevelopment.