Singapore-listed mainland developer Yanlord Land Group says it has achieved almost half its sales target for this year, with 2.6 billion yuan generated from property sales so far.
With a sales target of between five and six billion yuan this year, Michelle Sze, assistant to the chief executive, said most of the 2.6 billion yuan came from the sale of 27 duplex units at its luxury residential project - Yanlord Riverside City - in Pudong, at about 22,000 yuan per square metre or 11 million yuan to 14 million yuan each in April.
'All the units were sold within 21/2 hours,' Ms Sze said.
Last year, Yanlord generated about S$900 million (HK$4.6 billion) from property sales.
This week, Yanlord plans to offer the first batch of 308 units at its 2.4 billion yuan upmarket residential project - Yanlord New City Gardens - at 8,500 yuan per square metre in Zhuhai, its first project in the city. The project is at Renmin Road West and Santaishi Road, a newly established administrative and cultural centre of Zhuhai.
Daniel Chung, vice-general manager at Zhuhai Yanlord Real Estate Development, a subsidiary of Yanlord Land Group, said residential prices in Zhuhai had doubled since 2005 as the city directly benefited from the explosive economic growth in Macau.