Yanlord sells 283 out of 323 units at Shenzhen project's 1st launch

YANLORD Land sold 283 apartment units during its first launch over the weekend at Yanlord Four Seasons Gardens in Shenzhen at 51,000 yuan (S$10,100) psm, it said in a bourse filing on Wednesday.

The units sold chalked up pre-sales of about 1.34 billion yuan for the 26,300 sq m in gross floor area sold. This was out of 323 apartment units launched.

Yanlord Four Seasons Gardens in Shenzhen is expected to be a multi-phase, multi-year development spanning 469,000 sq m in gross floor area or about 4,700 units in total, Yanlord's investor relations representative told The Business Times by phone on Wednesday.

Phase 1 of 1,433 units, including the first launch, is expected to be completed in 2021. For the whole development, completion is expected around 2025, the representative added.

The project is situated in the downtown of Longgang District in Shenzhen City.

Yanlord chairman and chief executive Zhong Sheng Jian said: "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... this latest launch of apartment units at Yanlord Four Seasons Gardens is our first batch of projects launched in Longgang District and we will be launching a total of two projects in Longgang District in 2019."

Yanlord shares closed on Wednesday at S$1.25, up S$0.02 or 1.63 per cent.