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Yanlord sells out Tuesday's launch of 62 Hangzhou apartments for 792m yuan

MAINBOARD-LISTED Yanlord Land Group Limited sold out its latest launch of 62 apartment units in Hangzhou for an estimated pre-sales total of 792 million yuan (S$162.5 million), the real estate developer said in a bourse filing on Wednesday evening.

Units in Yanlord Riverside Gardens launched on Tuesday at an average selling price of 70,205 yuan per square metre, with a gross floor area of 11,275 square metres.

The property sits in the core area of Qianjiang New City, one of Hangzhou's two central business districts, and has easy access to key thoroughfares, shopping malls, schools and parks. It has a total gross floor area of approximately 75,715 square metres. 

Yanlord CEO Zhong Sheng Jian said the company was heartened by the strong market response to its launch, despite months of sagging sentiment in China's property sector brought on by the novel coronavirus outbreak.

He added that pre-sales figures reflected "a healthy underlying upgrader demand for high-quality residential developments". 

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Given China's current social distancing measures, pre-sales of the units were conducted online by livestreaming ballots of available units.

Mr Zhong said the company was looking to launch more projects in other Chinese cities using the same method.

In Shanghai, Yanlord has a 1,663-unit development with the same name - Yanlord Riverside Gardens - as well as 13 other residential properties. It also has a presence in more than a dozen Chinese cities, such as Chengdu, Nanjing, and Suzhou.

Yanlord shares were trading flat at 97.5 Singapore cents as at 9.02am on Thursday.

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