Poly Developments wins Guangzhou residential plot for 1.665 billion yuan, 26.61% premium
In short
Poly Developments (保利发展) won a residential-and-commercial plot in Guangzhou's Huangpu district on October 9 for a total of 1.665 billion yuan, after 71 rounds of bidding among three bidders. The price was 26.61% above the starting price of 1.315 billion yuan, putting the floor price at 21,738 yuan per square metre.
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A plot of land in Guangzhou's Huangpu district was sold on October 9, CLS, Jiemian and 36Kr reported. The 34,822-square-metre site (52.23 mu) is zoned as Class II residential land compatible with commercial use, with a planned floor area of 76,608 square metres and a plot ratio of 2.2. [ 1 , 2 , 3 ]
Bidding opened at 1.315 billion yuan, or 17,170 yuan per square metre of floor area. Three bidders took part, and after 71 rounds Poly Developments secured the plot for 1.665 billion yuan. That works out to 21,738 yuan per square metre of floor area, a premium of 26.61% over the starting price, according to the reports. [ 1 , 2 , 3 ]
Why it matters
Business and tech outlets reported the sale's premium and number of bidding rounds. The documents give no further context on the wider land market.
Key facts
- The plot in Guangzhou's Huangpu district was sold on October 9. [ 1 , 2 , 3 ]
- The land is zoned as Class II residential land compatible with commercial use. [ 1 , 2 , 3 ]
- The site covers 34,822 square metres (52.23 mu), with a planned floor area of 76,608 square metres and a plot ratio of 2.2. [ 1 , 2 , 3 ]
- The starting price was 1.315 billion yuan, or 17,170 yuan per square metre of floor area. [ 1 , 2 , 3 ]
- Three bidders took part and bidding ran for 71 rounds. [ 1 , 2 , 3 ]
- Poly Developments won with a total bid of 1.665 billion yuan, a floor price of 21,738 yuan per square metre and a premium of 26.61%. [ 1 , 2 , 3 ]
Confirmed by several sources
- Nothing is confirmed by two independent outlets yet.
Still unclear
- Who the other two bidders were. The documents do not name them.
- Poly Developments won the Huangpu district plot for 1.665 billion yuan at a 26.61% premium. Reported by a single source so far
- Three bidders competed over 71 rounds from a starting price of 1.315 billion yuan. Reported by a single source so far