Phase 2 launch of Hangzhou's Yanlord Riverside Gardens fully sold

YANLORD Land Group has sold out all 149 apartment units put on sale at the Phase 2 launch of the Yanlord Riverside Gardens in Hangzhou over the weekend, it said on Wednesday.

Total contracted pre-sales derived from this launch amounted to about 2.09 billion yuan (S$405 million). The average selling price of the units was 70,697 yuan per square metre (sq m) for a total gross floor area (GFA) of 29,625 sq m. 

Earlier in October at the inaugural launch of the project, Yanlord had sold all 120 units launched at an average selling price of 71,500 yuan per sq m for a total GFA of 24,196 sq m. Total contracted pre-sales derived from this launch amounted to 1.73 billion yuan. The site has a total GFA of 75,715 sq m.

Yanlord chairman and chief executive officer Zhong Sheng Jian said in a statement on Wednesday: "We are heartened by the strong market support received by Yanlord Riverside Gardens which is our third project in Hangzhou to date.

"Building on our core value of delivering quality product, we constantly seek to innovate and streamline processes to augment our pace of development. The healthy performance achieved in this launch further underscores our continued confidence in the Hangzhou real estate market and, capitalising on our track record and brand equity in quality residential development, we will seek to strategically deepen our footprint within the Yangtze River Delta." 

Yanlord shares rose one Singapore cent or 0.86 per cent to S$1.17 on Wednesday.