2024-08-02
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Reporter of China Business Network: Chen Ronghao Editor of China Business Network: Wei Wenyi
As Shenzhen’s first “ready-to-move-in housing” project, Yuezhen Mansion, located in Baozhong District, Shenzhen, obtained the pre-sale certificate on July 24 and officially started house selection on the evening of July 30.
According to official information, Yuezhen Mansion launched a total of 319 housing units in the first batch, attracting more than 429 batches of customers to register. Customers who registered on the same day can enjoy three 99% discounts, which means the discount is about 97% off. The average price after discount is 83,300 yuan per square meter, and the total price of a single unit after discount is 7.13 million yuan, allowing you to buy a three-bedroom apartment.
It is worth mentioning that although the land used for Yuezhen Mansion is a "competitive housing" plot, it adopts the "Off-plan+ ready-to-move-in” sales model. The houses for sale this time mainly include two pre-sale buildings, Building 1-1 and Building 1-2, which will be delivered in September 2026. The remaining buildings will not be sold until they are completed and ready-to-move-in.
On the afternoon of July 28, the reporter of Daily Economic News saw that the property consultants were quite busy at the site of Yuezhen Mansion. The project's urban exhibition hall and model room were not arranged in the same building, and vehicles had to be arranged to pick up and drop off customers. According to the on-site property consultant, about 10 vehicles were prepared to pick up and drop off customers that day. Judging from the construction progress, the building currently under construction in the project is about 10 floors above the ground.
At 7 p.m. on July 31, information released on Yuezhenfu’s official WeChat account showed that over 70% of the project’s first batch of houses had been sold, with total sales reaching 2.06 billion yuan.
When visiting the model room of Yuezhenfu project, the reporter of Meijing found that two rooms in the three-bedroom apartment were designed with two-sided windows, which made the room brighter. However, some buyers reported that such a design had the problem of "eye contact".
Yuezhen Mansion, jointly invested and developed by China Railway Construction Corporation and China Energy Engineering Group, is located on the land that belonged to the "ready-to-move-in housing" plot in Shenzhen where competition was fierce last year.
On August 2, 2023, the A001-0212 plot in Bao'an District was sold. According to the conditions of the sale, the plot adopts the "three limits and double competition + lottery" rule. The competitive index part introduces the "competitive existing housing sales area" for the first time. The upper limit of the bidding for the existing housing sales area is 35,520 square meters, accounting for about half of the total residential construction area. The plot attracted 21 real estate companies such as Greentown China, China Resources Land, China Overseas Land and Investment, and China Railway Real Estate (a subsidiary of China Railway). After 3 rounds of bidding, the ceiling price of 3.406 billion yuan was reached and the lottery stage was entered. In the end, the plot was won by China Railway Real Estate with 3.406 billion yuan + 35,500 square meters of existing housing sales area, with a transaction floor price of 41,385 yuan/square meter and a premium rate of 15%.
Li Yujia, chief researcher at the Housing Policy Research Center of Guangdong Provincial Urban Planning Institute, believes that the sale of existing homes will test the financial strength of real estate developers because of the longer turnover time and increased costs. The gradual implementation of the sale of existing homes is also a process of survival of the fittest and transition of real estate companies to a new model. In the future, the sale of existing homes and pre-sales will be two parallel models. Developers can choose either the sale of existing homes or pre-sales, and so can homebuyers.
"Currently, the project is half pre-sold and half sold now, and the apartment types are mainly 3-bedroom and 4-bedroom units ranging from 95 square meters to 138 square meters." On the afternoon of July 28, the property consultant of Yuezhen Mansion introduced to reporters that the projectRoom rateAbove 90%, these projects are considered to have a relatively high floor space ratio in the Shenzhen market.
Ms. Liu, who came with her family to view the house, told reporters that she was an upgrade-type customer and planned to move to a larger apartment. Because Yuezhenfu had a high occupancy rate and was developed by two central enterprises, she came with her family to view the house after learning that the project had been launched.
"I have two concerns about this project. One is that although the area is in Baozhong, the commercial facilities within 1 kilometer are not very good. The other is that it will take more than two years to deliver the house, and the unit price of more than 80,000 yuan is not cheap. There are also alternative options in the new properties currently on sale." Ms. Liu said.
The reporter learned at the scene that Yuezhen Mansion is about 1.1 kilometers away from Baoan Station of Metro Line 11, which is about 15 minutes' walk. At the same time, the project is close to the Yanjiang Expressway and belongs to the marginal area of Baozhong. It faces the "Tencent Island" of Dachan Bay across the river. You can directly see the construction of Dachan Bay from the project.
It is worth mentioning that since the city showroom and model room for the project are not in the same building, buyers who came to view the house on the day needed to be picked up by a special car. According to the on-site property consultant of the project, about 10 cars were prepared to pick up and drop off customers on the day.
When visiting the model room of Yuezhenfu project, the reporter of Meijing found that two rooms in the three-bedroom apartment were designed with two-sided windows, which made the room brighter. However, some buyers reported that such a design had the problem of "eye contact".
The above information is also mentioned in the "disclosure of adverse information" announced by the developer: "Due to the high window-to-floor ratio of the apartment type, some rooms have a problem of facing each other, such as Rooms 04 and 05, Rooms 03 and 02, Rooms 01 and 06 in Unit 1 of Building 1, and Rooms 01 and 02, Rooms 03 and 04, and Rooms 04 and 05 in Units 2 to 4. Each room has a different degree of facing each other with the public area."
In May this year, seven districts in Shenzhen relaxed their purchase restrictions. The areas that still retain the purchase restrictions include Luohu District, Futian District, Nanshan District and Baozhong District. As one of the core areas of Shenzhen, Baozhong District was previously an area with a relatively tight housing supply. However, through adjustments to the planning this year, Baozhong District has added two residential plots.
Among them, the Yuhe Village Urban Renewal Unit announced a new draft plan on July 18 after two delays. The renewal unit is located in Xin'an Street, Bao'an District, with a planned volume of 181,090 square meters, and will provide 124,300 square meters of residential housing, including 23,800 square meters of affordable housing.
The affordable housing project Ruijing Bay Residence, about 700 meters away from Yuezhen Mansion, was developed by Nantong Yalun and is located at the intersection of Haixiu Road and Jinke Road. In terms of unit types and prices, Ruijing Bay Residence has a total of 400 residential units, mainly 2-bedroom and 3-bedroom units with an area of 68-88 square meters. The price limit for rough housing is 44,300 yuan/square meter, mainly targeting rigid demand customers.
In comparison, the average sales price of Yuezhen Mansion is 86,100 yuan/square meter, which is almost twice the price of Ruijing Bayju; the apartment types range from 95 to 138 square meters, catering to the housing-changing needs of some upgrading customers.
According to Fangtianxia data, the properties for sale within 1 km of Yuezhen Mansion mainly include OCT Ruiwan Mansion, OCT Baochen and Yuexiu Ruiyue Mansion, with the average selling price ranging from 86,000 to 89,000 yuan per square meter.
In terms of second-hand housing, the surrounding areas of Yuezhen Mansion mainly include Shenzhen Airlines Holiday Mingju, Runheng Royal Garden and Vanke Rancho Garden. Among them, Runheng Royal Garden and Vanke Rancho Garden are single-family villas, and the average transaction price is mostly above 120,000 yuan/square meter; Shenzhen Airlines Holiday Mingju is an ordinary residence, and its average listing price in July is 75,500 yuan/square meter according to Anjuke.
It is worth noting that as the first project of China Railway Real Estate to enter the Shenzhen market, the Yuezhenfu project has sold more than 70% of its units at the beginning of its launch, which is a good result in the Shenzhen market this year. For reference, according to data from Shenzhen Centaline Property Research Institute, among the 48 new residential projects launched in Shenzhen in the first half of this year, only 6 projects had a sales rate of more than 50% at the beginning of their launch, which is a significant decrease compared with previous years.
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