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Firm wins first six plots auctioned from new business district
Red-chip developer China Resources Land has acquired six sites in Wuhan for about 2.7 billion yuan.
The developer won the mixed-use sites yesterday at a land auction of the first batch of sites in the new  central business district of Wuhan, the capital of Hubei province.
With a  total area of 174,100 square metres, they provide a gross floor area of 433,700 square metres, of which more than 60 per cent is for residential use.
The developer last month  said it had a land bank of 10 million square metres gross floor area.
The average accommodation value of the six sites is about 6,225 yuan per square  metre.  Property prices in the area range between 6,000 and 7,000 yuan per square metre.
Property agents said  the developer was willing to bid aggressively at  the auction in the belief that property prices in Wuhan  would rise significantly in coming years.
Prices climbed 20 per cent in the first eight months of this year  and luxury residential prices in the city's centre have already surpassed 10,000 yuan per square metre.
One agent in the city said the six sites acquired by China Resources Land  could potentially be used for high-end residential projects and that he expected  the developed sites to sell for as much as 15,000 yuan per square metre after being launched  in a year.
Separately, Shanghai Forte Land acquired an office and serviced apartment development project in Beijing for 1.45 billion yuan.
The 13,508 square metre site at 30-32 Zhongfang Street in the residential district of Chaoyang,  near the city's international airport, could provide a total gross floor area of 103,204 square metres.
Currently under construction, the project will comprise a 30-storey commercial building and a 26-storey serviced apartment building with underground car parks when completed next March.
The developer plans to lease the commercial building and sell the serviced apartments.
Also yesterday, Wharf (Holdings) subsidiary Harbour Centre Development teamed up with China Overseas Holdings to acquire a residential site in Chongqing for 2.54 billion yuan through a land auction.
The one million-square-foot site in Jiangbei district in Chongqing could provide a total gross floor area of 4.58 million square feet.
The property  would be developed into a high-end residential project, the developers said.
The developers paid an accommodation value of 554 yuan per square foot for the site, 47 per cent higher than the site acquired by the consortium led by Sino Land in June.
Harbour Centre Development and China Overseas Holdings will take 55 per cent and 45 per cent stakes in the project respectively.
Strong growth
Wuhan property prices climbed 20 per cent in the first eight months
The size of China Resources Land's land bank, in square metres: 10m



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China Resources unit buys Wuhan sites for 2.7b yuan

China Resources Land