Swire Properties sees robust demand for flats at first mainland China residential project
Swire Properties said 94 per cent of the units at a residential project in Shanghai were sold
Lujiazui Taikoo Yuan Residences, a project located next to Shanghai’s Huangpu River, was co-developed by Swire Properties and Lujiazui Group. Swire said 47 out of 50 units that were put on the market on Monday were snapped up by buyers. It is the first foray for Swire, one of Hong Kong’s oldest and largest builders of luxury homes and grade A offices, into the residential development market on the mainland.
The flats, ranging in size from 278 square metres and 388 square metres, are located in two towers and the average price was 58 million yuan (US$8 million) per unit, or 169,800 yuan per square metre. Two exclusive penthouses spanning about 557 square metres and 745 square metres were also on sale.
The developer attributed the strong sales to pent-up demand for quality residential projects in the city.
“We are absolutely delighted by the positive sales performance, which clearly demonstrates the market’s appreciation of this premium development,” said Adrian To, director of residential at Swire Properties. “This success also highlights the strong purchasing power and robust demand for quality residential properties in the Shanghai market.”
The residential project is part of a mixed-used development with a gross floor area of 390,000 square metres, which includes two grade A office towers, serviced apartments, a shopping centre that incorporates heritage architecture, cultural and event spaces, as well as a luxury hotel. Swire Properties has a 40 per cent equity interest in the development.
