Sino Land paid 4.14 billion yuan for a commercial-residential site at an auction in Chengdu, Sichuan province, yesterday, making it the most expensive plot in the city. The site will be Sino Land's second project in Chengdu, where the Hong Kong company is developing a residential project with China Overseas Land & Investment. Sino Land chairman Robert Ng Chee Siong yesterday was in Chengdu to see his company's bid for the site, a 244.48-hectare area in Ying Hui Road near Tazishan Park in eastern Chengdu, that can be developed into a residential and commercial project. Ricky Wong, general manager of DTZ in Chengdu, said that the accommodation value of the site was not a record for the city but the lump sum for the site was. The site has a development plot ratio of five and could provide a total gross floor area of 1.22 million square metres. The accommodation value of the site is 3,390 yuan per square metre. Prices of new projects nearby are about 4,500 yuan per square metre, according to DTZ. Ten development sites were up for auction in Chengdu yesterday. The Ying Hui Road site had an opening bid of 733 million yuan and also attracted offers from Chinese Estates and mainland developers. The winning bid was 465 per cent higher than the opening offer, reflecting confidence in the prospects for the city, the mainland's fifth-largest and the capital of Sichuan. Chengdu's property prices are rising at about 8 per cent a year, while prices of high-end residential flats in urban areas have soared to 7,000 yuan to 12,000 yuan per square metre. Mr Wong said the site bought by Sino Land would be used for a high-end residential project.