YANLORD GARNERS OVER RMB1.155 BILLION PRE-SALES IN 100% SELLOUT AT ITS LATEST LAUNCH OF RIVERBAY GARDENS IN SUZHOU
Singapore/Hong Kong – 27 MARCH 2019 – Singapore Exchange listed Yanlord Land Group Limited (“Yanlord” or the “Company”, and together with its subsidiaries, the “Group”), a real estate developer focusing on developing high-end integrated commercial and residential property projects in strategically selected high-growth cities in the People’s Republic of China (“PRC”), announced today that it had achieved a 100% sellout on the first day of its latest launch of apartment units at Riverbay Gardens (江湾雅园) in Suzhou.
Opening to stellar response from the market on 26 March 2019, Yanlord sold all of the 193 apartment units available for sale during the first day of sales at an average selling price (“ASP”) of approximately RMB35,300 per square metre (“sqm”) for the approximately 32,745 sqm gross floor area (“GFA”) sold. A total of 836 prospective buyers utilised a blockchain driven public balloting system which shortlisted buyers and enabled them to select units simultaneously. Riverbay Gardens is the first project in the PRC()() to utilise blockchain technology driven systems in the balloting process for the sale of residential units. Suzhou city, Xiangcheng District’s notary office oversaw the balloting process. Total contracted pre-sales derived from this launch amounted to over RMB1.155 billion.
Commenting on the launch of the apartment units, Yanlord’s Chairman and Chief Executive Officer, Mr. Zhong Sheng Jian, said, “Demand for high-quality residential developments in first tier and core second tier cities continue to be driven by strong upgrader demand and healthy inflows of populations. Capitalising on the positive buyer sentiment, we will continue to launch new projects that will cater to the demand of our discerning customers. In addition, the current market environment also provides us with the opportunities to strategically manage the ASPs of our developments to enhance the profitability of our projects. Yanlord’s competitive advantage remains in the delivery of high-quality developments that continually meet and exceed customers’ demands in first and second tier cities of the PRC.”
About Riverbay Gardens (江湾雅园)
Ideally situated within Suzhou’s city administrative district, the approximately 296,000 sqm GFA site enjoys excellent connectivity via key thoroughfares running through the city and is adjacent to stations of the city’s metro lines route 2 and route 5 which is currently under construction. Future residents of the project will also benefit from the comprehensive and mature suite of lifestyle amenities such as shopping malls, hospitals, libraries and schools available to cater to their lifestyle needs. The inaugural batch of apartment units at Riverbay Gardens was launched in September 2016.