Yanlord nets 2.8b yuan in pre-sales for Nanjing and Nantong apartments

Singapore

YANLORD Land Group said it achieved an estimated pre-sales total of 2.8 billion yuan (S$572.7 million) through successful weekend launches of its apartment units in Nanjing and Nantong, in China's Jiangsu province.

The real estate developer announced on Tuesday that it sold all units in its launch of 209 apartments for Yanlord Gardens in Nantong for an estimated 914 million yuan.

Over at the launch of Riverbay Century Gardens in Nanjing, 126 of 132 apartment units (or 95.4 per cent) were taken up for an estimated 999 million yuan.

Cloud Serenity Gardens, another project in Nanjing, sold 278 of the 326 apartment units (85.2 per cent) for over 910 million yuan.

Total pre-sales derived from these three launches amounted to over 2.8 billion yuan, Yanlord said in a statement.

"This reflects a progressive recovery in buyer sentiment within the PRC property sector, which has been weighed down in recent months by the unfortunate onset of the Covid-19 pandemic," Yanlord Land chairman and chief executive Zhong Sheng Jian said.

"These three launches bear testament to the strong support and confidence that residents of Nanjing and Nantong place in the group's ability to deliver quality developments.

"Capitalising on the sales momentum achieved, we have slated additional project launches that will serve to drive our future sales performance."

Yanlord shares closed down a cent or 1.01 per cent at 98.5 Singapore cents on Tuesday before the announcement.