The first piece of land located within Shanghai's pilot free trade zone was sold for 230 million yuan ($37.8 million) on Wednesday, 91.67 percent above its starting price of 120 million yuan.

After 81 bidding rounds, the land parcel located at Waigaoqiao Free Trade Zone, which is part of the city's pilot FTZ, was purchased by a private-owned local company dealing in non-ferrous metal trading.

Taking up an area of 10,005 square meters, the land will be developed into storage space, an exhibition area and office, according to the Securities Times.

The FTZ concept has hiked the special area's land value, and land resources within it will become increasingly scarce, analysts said.