On September 27, Shanghai witnessed the opening of several new high-profile real estate projects. Among them, 108 luxury houses in Phase VI of The Lakefront (registered name: The Lakefront Liuhe Court), with an average total price per unit approaching 110 million yuan, were sold out on the same day, raking in a total of 11.979 billion yuan. Market sources indicate that this project set a new record for selling out billion-level luxury houses in Shanghai in one day.
On the same day, the third phase of Zhonghai Lingdi Jiuxu located in Xuhui Binjiang also opened. The average total price per unit ranged from approximately 15 million yuan to 33 million yuan, and it was also sold out on the day. The previous two openings of this project also achieved ‘instant sell-out’. Photo by Zhu Yu, a reporter from National Business Daily, Shanghai Bund
This project has launched 178 units in three batches, with 377 effective subscriptions, focusing on four-bedroom apartments with a construction area of about 186/210 square meters, and an average price of 146,700 yuan per square meter. According to the Interface News, Zhonghai Lingdi Jiuxu has once again achieved the remarkable feat of selling out within an hour. The housing selection began at 2 pm, and by around 3:05 pm, the sales department announced the good news: a relaxed sell-out, with all 178 units sold out.
On-site feedback indicated that the selection was closed at number 340, with an average transaction time of just 20 seconds per unit. Prior to this, on June 28th of this year, Zhonghai Lingdi Jiuxu had its first opening, selling 232 units for 6.638 billion yuan, selling out on the first day. On August 29th, the second phase of Zhonghai Lingdi Jiuxu welcomed its opening, with 120 units selling out within 32 minutes, achieving sales of 3. 16 billion yuan. This time, with the third phase project achieving a sell-out, Zhonghai Lingdi Jiuxu has accumulated sales of about 14.8 billion yuan. Why are luxury homes in Shanghai so popular? At the beginning of this month, Daily Economic News reported that since 2024, Shanghai has successively launched 12 luxury housing projects, almost all of which have sold out daily. As of August 18th, this year, luxury homes in Shanghai priced above 25 million yuan have signed a total of 2,641 units online, and there are still a considerable number of transactions that have been signed online subsequently. If you add the 263 units sold in August, then the performance for the first eight months is close to 3,000 units. This not only far exceeds the other three first-tier cities but also has not been seen in Shanghai in the past 10 years. The 2024 ‘sunlight’ headshot was fired by Zhonghai Shunchang Jiuli. With an average total price of about 40 million yuan per unit, all were sold out on the first day, with a total sales amount of 19. 65 billion yuan, breaking the national record for the total sales amount of a single residential building opening. In the off-season of July and August, the supply of luxury homes in Shanghai is still in short supply: Longsheng Bay Phase II, with a subscription rate of 239% for 120 units; Sunac Bund No. 1 Phase II, second batch of 110 units, with a subscription rate exceeding 180%; Zhonghai Lingdi Jiuxu Phase II, with an effective subscription rate of 252%; Jin Yuan with 33 units, the project opened for 4 days to start subscriptions, with a subscription rate of 152%; Greentown Qiantang Lily Garden Phase III with 10 villas, with a total price of 53 million to 100 million yuan, with a subscription rate of 210%. The increasing supply can still be absorbed by the market, and homebuyers are almost ‘buying as much as there is’. According to the statistics of the China Index Academy, in 2015, there were only 896 transactions of luxury homes priced at 25 million yuan or more in Shanghai. In the following 8 years, most have maintained an annual level of 1,600 to 1,700 units. But this balance was broken by the explosive supply in 2024, including the Sunac Bund No. 1, Jin Yuan, and Zhonghai Lingdi Jiuxu, which were sold out within three weeks. Shanghai’s average daily transactions in the first half of the year were 12.Five luxury homes. Why are core city mansions in high demand? Founder of Jingjian Consulting, Zhang Hongwei, analyzed to the Daily Economic News reporter: ‘Projects in the core areas of Beijing, Shanghai, Guangzhou, and Shenzhen, the core cities, experience price inversion and are considered core assets. It is highly probable that they will enter a price upcycle in the next three to five years.’ ‘On the other hand, the sensitivity of policies in core cities, along with relatively strong demand support, leads to policy stimulation every 3 to 6 months, which in turn releases a wave of transaction volumes. Quality assets in core cities will exhibit independent market trends under such conditions.’
