Zhuhai site sale reflects renewed interest
Two small commercial-residential sites in Zhuhai sold for 114 million yuan (HK$106 million) yesterday after strong bidding at the first land auction this year.
The results were higher than market expectations, indicating developers had cast a vote of confidence in the Zhuhai property market in anticipation of the proposed construction of a bridge linking Hong Kong with Zhuhai and Macau, property agents said.
'The bidding results are out of my expectations,' said Patrick Hui Man-li, chief of Centaline Property Agency's Zhuhai branch.
'These two sites were withdrawn by the government when they were first launched for auction in July. The sites failed to draw buying interest at the time,' he said.
Jianan Group, based in Guangdong province, outbid eight rivals to buy the larger, 12,000 square metres site in the Jida district of Zhuhai city for 69 million yuan,
The site has a developable area of 45,000 sqmetres, 35,000 of which are for residential use and the remainder for a shopping arcade. Zhuhai-based Taiping Garment bought the smaller 8,400 sqmetres site, also in Jida district, for 45 million yuan. Comprising a total floor area of 33,640 sqmetres, it is designated for hotel, office and residential use.
Mr Hui said the bridge project, which was backed by the central government earlier this month, had encouraged investor interest in the city's property market.
The city government also made some amendments to the requirements for the auctioned sites, making them more attractive.
