SINGAPORE (June 19): Real estate developer Yanlord Land Group has registered total pre-sales amounting to some RMB 1.34 billion ($265.2 million) from the inaugural launch of Yanlord Four Seasons Gardens in Shenzhen, China.
Yanlord sold 283 of the 323 apartment units launched during the opening weekend at an average selling price of approximately RMB 51,000 per square metre.
The total gross floor area of the 283 units sold amounted to some 26,300 sqm.
“We are heartened by the healthy market response for this latest launch of apartment units in Shenzhen which has seen strong upgrader demand from professionals and executives relocating in line with the Greater Bay Area initiative,” says Zhong Sheng Jian, Yanlord’s chairman and chief executive officer.
Yanlord Four Seasons Gardens is the first of Yanlord’s projects to be launched in Shenzhen’s downtown Longgang District.
The group says it will be launching a total of two projects in Longgang District this year.
“This reflects our commitment to and confidence in the continued development of the Shenzhen real estate market,” says Zhong.
Shares in Yanlord closed 1.6% higher at $1.25 on Wednesday, before the announcement.
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