PRESIDENT Mansions, a new development featuring 128 apartments in Shanghai, is being offered for sale at truly presidential prices.
It is located at 800-882 Hua Shan Road in a prime residential and government office area.
The complex has a swimming pool and tennis courts to complement spacious apartments. Arranged in four, eight-storey blocks with four apartments to a floor, the two-bedroom flats measure 1,045 square feet. At $1,700 per sq ft, they cost $1.77 million each.
The three-bedroom flats, of 1,539 sq ft at $2,000 per sq ft, fetch $3.07 million.
The prices, which were high by Shanghai terms, were justified, said the agent, Mr Philip Wong, of San Kong property management.
He said President Mansions' prestigious location, its proximity to the city centre - which is just 10 minutes away - and the easy access to the airport, a 20-minute drive, were factors in the price.
''This is the best area in Shanghai,'' he said.
''And the prices reflect this.
''Many other developments are being built, but they are not in a central location, while this is in the heart of the city.'' The foundation and first floor of the development had been already built, and it had pre-sale approval from the government, said Mr Wong.
Exhibitions in January and March have resulted in more than half the apartments being purchased, he claimed.
Three blocks have been released for sale so far. The release of the final block, would depend on market conditions, Mr Wong said.
Completion of the whole development is scheduled for March 30 next year.