Yanlord sells all units at Shanghai Poetic Villa inaugural launch, bags 3.2b yuan in pre-sales

REAL estate developer Yanlord Land Group Z25 on Monday (Jan 24) announced that it has sold all 514 apartment units during the inaugural launch of its Poetic Villa project in Shanghai.

The group bagged pre-sales totalling some 3.2 billion yuan (S$679.7 million) from a total gross floor area of 46,726 sq m at an average selling price of 67,725 yuan per sq m.

This brings Yanlord's total contracted pre-sales from its recent 2 launches in Shanghai - namely Yanlord Arcadia and Poetic Villa - to about 7.2 billion yuan.

Said Yanlord's chief executive Zhong Sheng Jian: "We are heartened by the strong market support received by Poetic Villa in Shanghai which reflects the continued strong local upgrader demand in Shanghai.

"The recent two launches further underscore our continued confidence in the Shanghai 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."

Shares of Yanlord ended Monday unchanged at S$1.14.