Yanlord Land Group has fully sold all 514 apartment units in the inaugural launch of its Poetic Villa development in Shanghai, China, the property developer said in a filing to SGX Monday.
“We are heartened by the strong market support received by Poetic Villa in Shanghai which reflects the continued strong local upgrader demand in Shanghai,” Zhong Sheng Jian, Yanlord’s chairman and CEO, said in the statement.
The company did not immediately respond to Shenton Wire’s emailed question on the total number of apartment units at the development.
The launch, which opened to the market on 20 January, met with a strong response, with a total of more than 3.165 billion yuan in pre-sales from a gross floor area of 46,726 square meters, for an average sales price of 67,725 a square meter, the filing said.
The Poetic Villa project is a joint venture with Huafa Industrial Co. Ltd. Zhuhai, which is listed on the Shanghai A-share market, the filing said.
In total, Yanlord’s two recent launches in Shanghai — Poetic Villa and Yanlord Arcadia — have garnered contracted pre-sales of around 7.183 billion yuan, the filing said.
Zhong added: “The recent two launches further underscore our continued confidence in the Shanghai real estate market and, capitalising on our track record and brand equity in quality residential development, we will seek to strategically deepen our footprint within the Yangtze River Delta.”