Yanlord sells out phase 3 of Oasis New Island Gardens for 2.59b yuan

YANLORD Land Group Limited sold all 636 apartments on the first day of the launch of Oasis New Island Gardens (Phase 3) in Nanjing for 2.59 billion yuan (S$529.6 million) in total pre-sales value.

The sell-out took place despite curbs by the Chinese government on prices and sales of first-hand homes and even a requirement by the group for buyers to commit to an 80 per cent downpayment.

The average selling price works out to 36,000 yuan per square metre (psm) for the total 72,000 sq m gross floor area (GFA) of residential units.

Yanlord's chairman and CEO Zhong Sheng Jian said: "Strong upgrader demand and healthy inflows of populations into first-tier and core second-tier cities continue to drive demand for high-quality residential developments."

"In addition, the current market environment also provides us with the opportunity to selectively manage the average selling prices of our developments to enhance the profitability of our projects," he added.

Yanlord is known for developing high-end homes in first and second-tier cities in China. It is also involved in Sino-Singapore Nanjing Eco Hi-tech Island - a flagship economic collaboration programme developed under the auspices of the Singapore Jiangsu Cooperation Council.

Oasis New Island Gardens is situated within the island, along the idyllic riverfront offering an unobstructed view of the Yangtze River and is in close proximity to the New One North Science Park.

The first phase of the project was launched in November 2014, with units sold at 22,000-24,000 yuan psm. Resale prices of these phase-one units now hover around 42,000-45,000 yuan psm in the secondary market, a Yanlord spokesman said.