Asking price for Beijing's tallest apartments is 70,000 yuan per square meter
Updated: 2006-12-14 09:59
Apartments in the Beijing Yintai Center, a business-and-residence compound in bustling east Beijing, will be marketed at 70,000 yuan (8,750 US dollars) per square meter, the country's second highest price after Shanghai's Riviera.
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The 21 apartments for sale, said to be Beijing's highest at over 150 meters, offer a bird's eye view down Chang'an Avenue, a key selling point according to major investor China Yintai Investment.
Ranging from 550 to 860 square meters in size, the smallest apartment will be priced at more than 38 million yuan (US$4.75 million). Workers are still busy on the interior decoration.
The apartments will be located above the five-star Park Hyatt Hotel and will have two top-class office buildings on either side.
Prime locations are always a key factor in the real estate business. The asking price for an apartment in four superbly-located luxury tower blocks in Shanghai averages 110,000 yuan per square meter.
Tomson Riviera, comprising four blocks of 40 to 44 storeys each, is located on the east bank of the Huangpu River, a stone's throw from the famous Oriental Pearl Tower and Jinmao Tower. The development boasts spectacular views, a premier location and outstandingly luxurious decor.
However, only two of 220 units have been sold since the first block was put on sale in October 2005. The gloomy commercial outlook has forced Tomson to lease its luxury project instead of trying to sell off the units.
