MORE than 500 units at seven residential projects in Shanghai are set to be released over the weekend, a notable increase from the 220 units at four developments that were launched over the two days a week earlier, according to research released yesterday by Soufun.com.
The five apartment projects - in districts of Baoshan, Jiading, Songjiang and Pudong New Area - will be sold at between 13,000 yuan (US$2,053) and 21,000 yuan per square meter, Soufun said.
The units at one villa development in Jiading by Longfor Properties cost between 7 million and 14 million yuan each. Some units at a mid-to-high-end villa project near Shenshan Hill in Songjiang, jointly developed by China Vanke and China Merchants Property Development, will be sold at a maximum discount of 40 percent on Saturday, one of the biggest price cuts offered in this segment of the market in the city, said Tang Zhengwei, a Soufun analyst.
"More developers of mid-to-high-end homes are trying to offer more reasonable prices to buyers to reap better sales amid an overall recovery in the sector, which has been one of the most severely affected by government austerity measures," Tang said.
Royal Park, a mid-to-high-end residential project sold nearly 150 apartments over the past few months despite an average price of about 38,000 yuan per square meter, proving that demand for homes in this segment is also picking up, China Real Estate Information Corp said yesterday.