Well, that’s the average capital value of luxury properties in Shenyang.
The investment sentiment is upbeat in Shenyang’s residential market, as evidenced by real estate investment reaching RMB10.44 billion in 2011, up 19.5% y-o-y, as well as the total construction area for residential in Shenyang expanding to 55.27 million sqm, a growth of 40.0% y-o-y (Shenyang Statistics Information Centre, August 2011). Developers have diversified profiles in Shenyang’s real estate market.
Local developers, such as Shenyang Mita Real Estate and Yida Properties, were pioneers in luxury residential development. However, a growing number of large- scale real estate enterprises and non-local developers began to enter the market from end-2005 by ways of land acquisition, company mergers and the opening of branch offices, namely the penetration of Evergrand Real Estate Group and Henderson Land Development in 2006 along with Poly Real Estate and China Resources Land in 2007.
The en bloc sales market in Shenyang’s residential property market was lacklustre over the past few years. No en bloc sales were recorded in the first half of 2011, owing to the purchase restrictions and harsh policies on financing and mortgages. The average capital value of villa properties in Shenyang for strata-titled sales was RMB12,070 psm by end-1H2011.
Mountain Fairyland and RanchoJance Fa took the lead in sales price, with average prices of RMB24,000 psm and RMB20,000 psm, respectively. The average capital value of luxury residential in Shenyang climbed to RMB12,250 psm by end-1H2011, with Wulihe ranking first among the six submarkets at an average price of RMB18,543 psm.
The luxury residential market in Shenyang was less developed prior to 2005. Projects, in terms of villas, were primarily clustered in the Dongling Park and Qipanshan submarket, with Rose Garden Villa and Fangdi Heights being the most known high-end residential projects among locals. The total stock of villas in Shenyang was 500 units by end-2005, and the number increased to 6,283 units by end-1H11, of which 459 units were the new supply in the pre-sales market in 2011.
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