Shanghai’s Eighth Land Auction Heats Up Before Bidding Begins

Recently, the Shanghai Land Trading Market announced the eighth centralized land auction of 2025, which will officially commence on October 20. The auction involves six plots in areas such as Xuhui Binjiang, Suhewan in Jing’an, Yangpu Binjiang, Songjiang New City, Huajing in Xuhui, and Wusong Innovation City in Baoshan, with a total starting price of approximately RMB 18.49 billion.

Among them, Plot 188N-I-21 in the WS5 unit of Xuhui Binjiang has attracted significant attention. With a starting floor price of about RMB 135,000 per square meter, it is expected to break the record for the highest residential land price in Shanghai’s Binjiang area.

The plot is adjacent to Yunjin Road on its east side. Across Yunjin Road lie the West Bund Digital Valley and the West Bund Media Port, home to industry leaders and top research institutions such as Model Space, Alibaba, Tencent, Microsoft, NetEase, and the Yangtze River Delta Headquarters of China Media Group. The area also features commercial and artistic venues like the West Bund Dream Center, West Bund Art Center, and West Bund Museum, combining both industry and art.

In recent years, the Xuhui Binjiang area has been highly favored by the market. In August 2024, Plot xh128D-07 in Xuhui Binjiang set a national record for the highest floor price. After 72 rounds of bidding, the plot reached the price ceiling, and Greentown won it for RMB 4.805 billion in a lottery. The transaction floor price was RMB 131,000 per square meter, with a premium rate of 30%, breaking the national record for residential land prices at the time.

This time, Plot 188N-I-21 in the WS5 unit of Xuhui Binjiang is likely to break the record for residential land prices in Shanghai’s Binjiang area. According to the transfer contract, the plot covers a land area of 20,044.45 square meters and is designated for ordinary commercial housing. It has a plot ratio of 1.5 and a total floor area of 30,066.68 square meters. The plot will include public service facilities with a construction area of no less than 1,506 square meters (counted in the floor area).

Based on the announcement, the starting total price for the plot is RMB 4.059 billion, translating to a starting floor price of approximately RMB 135,000 per square meter. Although the auction has not yet begun, this starting floor price has already exceeded the transaction floor price of Plot xh128D-07 in August 2024.