First residential project unveiled in Lujiazui CBD
4/7/2003 14:30
The first residential property project in Lujiazui central business
district area was unveiled yesterday at the ongoing 2003 Shanghai Spring Real
Estate Fair, the Youth Daily reported.
The completely furnished apartment
project is expected to start sales at the end of this year at a price from
US$2,000 to US$3,000 a square meter.
Floor spaces of most apartments will
range from 120 to 300 square meters.
Units unveiled yesterday are in three
38-42-floor highrises, which are only five minutes walk away from the Lujiazui
CBD area.
Covering 37,000 square meters, they are the first-stage
construction of the property project, whose total area will reach 120,000 square
meters.
Following the project, two other residential housing projects will
open in the Lujiazui CBD area, the Youth Daily report said.
Housing market
has seen a fast growth in Shanghai, data from the local housing authority
indicated, with the average price of the first quarter soaring to a record high
of 5,158 yuan (US$624) a square meter, up 12 percent over the same period of
last year.
If the growth continues, the price could surge to 5,777 yuan a
year later, market analysts said.
Jane Chen / Shanghai Daily news
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