Shanghai's First Land Auction After New Policy Yields RMB 15.6 Billion
Shanghai's first land auction following the August 28 property policy package concluded with two residential parcels sold for a combined RMB 15.601 billion. China Overseas Land secured the Putuo Zhenru site at the reserve price for RMB 15.019 billion, while a consortium of Xiamen ITG and Frasers won the Songjiang parcel with a 16.41% premium. The Songjiang plot fetched RMB 582 million, reflecting a 16% premium rate.
On August 31, Shanghai held its first land auction after multiple departments rolled out a package of property policies, known as the August 28 New Deal, successfully selling two residential parcels. The plots are located in the Zhenru sub-center of Putuo District and the Sijing area of Songjiang District. The Putuo parcel was sold at the reserve price to China Overseas Land, while the Songjiang parcel was won by a consortium of Xiamen ITG and Frasers at a premium of 16.41%. The combined transaction value for the two plots was approximately RMB 15.601 billion.
The Songjiang parcel, numbered SJSB0003 Unit 04-08, has a floor area ratio of 1.2 and is located near Metro Line 9, about 1.3 kilometers from Sijing Station. The land area is 19,372.68 square meters, with a planned construction area of 23,247.22 square meters. The starting price was RMB 500 million, with an initial floor price of RMB 21,500 per square meter. On the morning of August 31, four bidders participated in the on-site auction: Xiamen ITG & Frasers, Xiangyu & Tianan, Shanxi Construction Investment, and Jindi & Xinghe & Changzhou Yikang & Jianhua. The Xiamen ITG & Frasers consortium won with a total price of RMB 582 million, achieving a transaction floor price of RMB 25,028 per square meter and a premium rate of 16.41%. The bidding concluded in the 29th round.
The surrounding area of the Songjiang parcel boasts complete educational, commercial, and medical facilities. It is adjacent to the low-density villa project Sijing Senyu, developed in cooperation with Jindi Shanghai and Sijing Urban Renewal Group. Sijing Senyu offers 151 units and is planned to launch within approximately six months.
The Putuo District parcel, numbered W060802 Unit B03B-01, B04B-01, and B06-01, is located between the inner and middle ring roads, adjacent to the Zhenru Station TOD hub on Metro Lines 11 and 14, about 900 meters from Shanghai West Railway Station. Among them, B03B-01 is a residential plot with a land area of 36,064.64 square meters, a planned construction area of 91,243.54 square meters, and a floor area ratio of 2.53. B04B-01 is also residential, with a land area of 39,120.17 square meters, a planned construction area of 98,582.83 square meters, and a floor area ratio of 2.52. B06-01 is a commercial/office plot with a land area of 43,976.18 square meters, a planned construction area of 207,127.81 square meters, and a floor area ratio of 4.71. China Overseas Land won the parcel at the reserve price of RMB 15.019 billion, with a comprehensive transaction floor price of approximately RMB 37,836 per square meter.
About 900 meters east of the parcel, the Putuo District W060401 Unit A03B-04 and A03B-05 plots were acquired in September 2025 by Shanghai Urban Construction for a total of RMB 5.24 billion, with a transaction floor price of RMB 79,324 per square meter and a premium rate of 12.79%. Additionally, the Putuo District W060401 Unit A03D-01 and A03D-03 plots were won by China Overseas Land in July 2025 for RMB 6.525 billion, with the residential portion achieving a transaction floor price of RMB 72,381 per square meter.