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Yanlord Land sells out Suzhou apartment launch on first day

REAL estate developer Yanlord Land Group said on Wednesday that it has fully sold out on the first day of its latest launch of apartment units at Riverbay Gardens in Suzhou, China to garner over 1.155 billion yuan (S$233 million).

All 193 apartment units available during the first day of sales on March 26 were sold out, with an average selling price of 35,300 yuan per square metre for the 32,745 sq m gross floor area sold.

Sales were done through a blockchain-driven public balloting system which shortlisted buyers and enabled them to select units simultaneously, said the group.

According to Yanlord Land, Riverbay Gardens is the first project in China to utilise blockchain technology-driven systems in the balloting process for the sale of residential units, with local authorities from Xiangcheng District's notary office in Suzhou city overseeing the balloting process.

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Yanlord's chairman and CEO Zhong Sheng Jian said: "Demand for high-quality residential developments in first-tier and core second-tier cities continues to be driven by strong upgrader demand and healthy inflows of populations. Capitalising on the positive buyer sentiment, we will continue to launch new projects that will cater to the demand of our discerning customers."