New homes in 48 projects, most located in the city and some in neighboring areas, are due to be released this month as the traditionally high season for home purchases began.
Some 60 percent of the new supply, comprising one villa development and 47 apartment projects, are in Songjiang, Jiading and Baoshan districts as well as in Pudong New Area. Small and medium-sized apartments not larger than 90 square meters comprise 42 percent of the new homes, according to a research released yesterday by leading real estate data portal Soufun.com.
In contrast, 50 residential projects were registered in September 2009, Soufun statistics showed.
"Real estate developers are more willing to release their homes now compared to June and July because they are gearing up for improved sales in September and October, the so-called 'golden and silver months' for home purchases in China," said Lu Yiping, an analyst with Soufun. "In particular, we've noticed that more luxury projects, priced above 50,000 yuan (US$7,374) per square meter, are supposed to be released during the period."
For instance, developers of at least five luxury developments, including Casa Lakeville in Xintiandi, Star River in Minhang and 989 Xikang Road, planned to launch apartments for sale sometime this month, according to Soufun.
Buying sentiment for luxury houses has risen over the past month.
A total of 110 new homes, both villas and apartments costing more than 10 million yuan per unit, were sold in Shanghai during the first 30 days of August, according to statistics released yesterday by China Real Estate Information Corporation. In July 66 units were sold.
The supply of new homes, excluding those built for relocated residents under urban redevelopment plans, soared 173 percent to 456,000 square meters last week, the largest weekly stock in the city so far this year, Shanghai Uwin Real Estate Information Services Co said on Monday.
