HONG KONG buyers have snapped up five retail units in pre-sales in phase two of Shanghai's 'unique' Yuyuan International Shopping Centre, sales agents say. A total of 45 units will be offered for sale officially from Friday at the five-storey refurbished Buddhist temple market in phase two of the three-phase sale. The developer, Shanghai Yuyuan Real Estate Co, is offering 33,002 sq ft of space in the second phase of the 99,028 sq ft development to overseas and mainland buyers. This follows a sell-out of the same amount of space in the first phase. So far, the development has attracted small independent traders, including restaurants, medicine shops, tea houses and jewellers, to its 132 outlets. Florence Chan, project manager for the shopping centre's sole sales agent L & D Asia, said prices remained the same for units in the second phase as in the first, at $10,000 a square foot for ground floor shops and $8,500 a square foot for upper floor units. Offer prices represented an all-time high for Shanghai retail properties. A spokesman for property consultant First Pacific Davies (FPD), said sale prices at the market were $2,000 more expensive for ground floor units and $500 cheaper for those on other floors than L & D had said. The FPD spokesman agreed the market's sale prices were the highest in Shanghai, but said comparison with other retail premises in the city was difficult because they were modern complexes. The Yuyuan International Shopping Centre was 'unique' because of its old age and traditional Chinese layout, he said. Its unusualness would ensure continued strong demand there even if anticipated oversupply problems surfaced in Shanghai's retail sector. The market was well-located because there was high traffic flow through the area, a large population and many tourists, he said. However, the temple market's future success relied most importantly on its mix of retailers, he warned. The developer's decision to market the centre to overseas retailers was mistaken because such shops would have scant appeal to mainland shoppers, he said. The refurbished Yuyuan market was the first of its kind on the mainland and the concept might spread to other places in northeast China where a number of old markets existed, the spokesman said. FACT FILE DEVELOPMENT: Yuyuan International Shopping Centre, a restored Qing Dynasty five-storey Buddhist temple market building at 41 Jin Xiao Chang Lu, Yuyuan, Shanghai. DEVELOPER: Shanghai Yuyuan Real Estate OFFICIAL MARKETING DATE: November 4 RETAIL SPACE OFFERED FOR SALE: About 33,002 sq ft. UNITS ON OFFER: 45. SIZE OF UNITS: A range from 219 sq ft to 5,098 sq ft. AVERAGE PRICE: $10,000 a square foot for ground floor and $8,500 a square foot for other floors. TOTAL RETAIL SPACE: About 99,028 sq ft TOTAL NUMBER OF UNITS: 132.