Yanlord sells all units in pre-sale of Shanghai residential project, nets 5.08b yuan

YANLORD Land Group said it achieved pre-sales transactions totalling 5.08 billion yuan (S$1.09 billion) from selling out all the units at the launch of apartment units at Yanlord Arcadia in Shanghai.

A total of 299 fully-fitted high-rise residential apartments, located in the inner ring of the city's Yangpu district, were released at the launch, with sizes ranging from 80 to 271 square metres.

The units were sold out in 5 hours on launch day, the real estate developer said in a bourse filing on Thursday.

Yanlord's chief executive Zhong Sheng Jian remarked that the market has shown a preference for Yanlord's high-quality residential property development in Yangpu district.

Yanlord Land Group said in its statement that Yangpu district, the largest administrative region within Shanghai's Puxi central business district, is served by an excellent transport network and other amenities.

The group, which has established its presence in Shanghai for almost 3 decades, will continue to extend its footprint there and in other rapidly growing cities in the Yangtze River Delta, he said.

Yanlord shares closed flat on Thursday (Nov 25) at S$1.10.