The housing price has reached over 50 times the land price of that year, and Li Ka shing's Beijing residential project will be put on sale: 22 years ago, he acquired the land in Yucuiyuan | Project | House Price

Release time:Apr 15, 2024 01:49 AM

Recently, the luxury residential project "Yucuiyuan" located in the Chaoqing area outside the East Fourth Ring Road of Beijing, under the Changshi Group founded by Li Ka shing, has obtained a pre-sale certificate and is about to start pre-sale.

According to the official website of the Beijing Municipal Commission of Housing and Urban Rural Development, Yucuiyuan is located at No.1 Courtyard, Yaojiayuan East Lane, Chaoyang District, Beijing. It was registered as "Yicuiyuan" and obtained a pre-sale certificate on July 18 this year. The pre-sale scope includes 9 residential buildings, with a permitted sales area of 93212.24 square meters. The highest proposed average selling price is 99744.99 yuan/square meter, and the lowest proposed average selling price is 90672.35 yuan/square meter.

"We have obtained the pre-sale certificate now and are ready to open for sale at any time, waiting for the company's notification." The salesperson of the "Yucuiyuan" project said, "Our project is currently the only new house for sale within the Fifth Ring Road, and there are still quite a few people looking at it. Moreover, we are a semi existing house, the house has been completed, and the high-rise glass has been hung. The house will be delivered by the end of next year."

Development cycle of 22 years

Public information shows that "Yucuiyuan" is developed by Hutchison Whampoa Real Estate Co., Ltd., a subsidiary of Changjiang Industry. According to multiple media reports, the total area of the Yaojiayuan project site where "Yucuiyuan" is located is about 400000 square meters. It was acquired by Hutchison Whampoa in 2001 for a price of 700 million yuan, with a floor price of only 1750 yuan per square meter. However, after the land was sold, construction did not begin until June 2005 and sales began in November of that year.

At present, there are two projects on this plot, "Yi Cui Yuan" which entered the market from 2006 to 2013 and "Yu Cui Shang Fu" which entered the market from 2012 to 2013. The upcoming pre-sale "Yu Cui Yuan" project is the last part of the plot to be developed, with a development period of 22 years.

Pengpai News found on the Beike housing search platform that the current average reference price for Yicuiyuan in July is about 90545 yuan/square meter; The average reference price for Yucui Shangfu in July is about 94439 yuan/square meter.

From the floor plan of "Yucuiyuan", there are a total of 26 buildings in the project, including 8 high-rise buildings with 16-18 floors and 18 low-density row products. High rise housing includes two types of units: approximately 140 square meters and 185 square meters; Low density row products are approximately 345 square meters of three floors above ground and 6.6 meters above ground.

The upcoming pre-sale of 9 buildings in "Yucuiyuan" includes 3 high-rise buildings with 16-18 floors and 6 low-density row products. The average selling prices for three high-rise buildings are 96465.86 yuan/square meter, 99744.99 yuan/square meter, and 98046.3 yuan/square meter, respectively. The average selling prices for low density row products in six buildings range from 90672.35 to 92372.54 yuan/square meter, exceeding the land acquisition price by more than 51 times.

The housing price has reached over 50 times the land price of that year, and Li Ka shing's Beijing residential project will be put on sale: 22 years ago, he acquired the land in Yucuiyuan | Project | House Price

List of pre-sale properties in Yucuiyuan.

The selling price is basically the same as the surrounding second-hand houses

From the supporting situation of "Yucuiyuan", it can be seen that the project is about 100 meters away from the Chaoyang Sports Center Station on Metro Line 3, which will be completed by the end of this year. The surrounding commercial facilities include the Guomao commercial district, Yansha Sanlitun, Lidu commercial district, Chaoyang Joy City, etc.

Map of the "Yucuiyuan" area.

Chen Xiao, Senior Analyst at Zhuge Data Research Center, pointed out that the Chaoqing sector under "Yucuiyuan" is relatively active in transactions, adjacent to the superior location of CBD and Chaoyang Park, with convenient transportation and mature supporting facilities, and receiving radiation from the international trade CBD, making it a popular high-quality sector. From the perspective of the sector, the main items for sale are second-hand houses, with a unit price ranging from 80000 to 100000 yuan per square meter. The Yicuiyuan project under the Changshi Group, which was previously launched, has a unit price of over 95000 yuan/square meter. In the surrounding area, there are also Yingu Meiquan Homestead with a unit price of over 85000 yuan/square meter, and Huicheng Homestead with a unit price of over 80000 yuan/square meter.

Pengpai News has noticed that according to data from the Beike Housing Platform, based on the Yaojiayuan plot, "Yicuiyuan" currently has 38 units for sale, with prices ranging from 84000 yuan/square meter to 112000 yuan/square meter; "Yucui Shangfu" currently has 13 units for sale, with prices ranging from 85000 yuan/square meter to 106000 yuan/square meter.

Chen Xiao stated that Yucuiyuan is the last project developed by Hutchison Whampoa in Yaojiayuan, Beijing. Although the previous retail price reached 100000 yuan, the actual applied sales license price was slightly lower. This is also a timely adjustment made in response to the market situation. Faced with the continuous cooling of the market, the developer appropriately lowered market expectations. In addition, it is reported that the project site has been acquired for 20 years, with a long development cycle and shortened property rights.

The salesperson of the "Yucuiyuan" project stated that it is currently the only new house on sale within the Fifth Ring Road, and it is not yet known if it will be particularly popular, but there are quite a few people following it.

Chen Xiao pointed out that in the current context of market cooling, Yucuiyuan has lowered its price expectations, with a unit price of 98000 yuan/square meter per square meter compared to similar projects in the sector. However, there are not many new housing projects in the sector, so there should be no problem in terms of cost reduction. The products of row villas are also scarce within the Fourth Ring Road, and they can also gain certain favor upon entering the market.

The transaction volume of commercial residential properties in Beijing has been declining for three consecutive months

From the overall situation of the Beijing market, according to data from China Index Research Institute, the transaction volume of commercial residential properties in Beijing in July this year was 509900 square meters, a decrease of 12.8% month on month and 8.9% year-on-year. From January to July 2023, the cumulative transaction volume of commercial residential properties in Beijing was 3.8789 million square meters, a year-on-year decrease of 5.1%.

The Zhongzhi Research Institute pointed out that overall, the Beijing real estate market continues to be under pressure due to the downturn of the real estate market, unclear expectations, and insufficient promotion efforts in the early stage. The transaction volume of commercial residential properties has decreased for three consecutive months, and the transaction volume has dropped to the lowest level in May.

In terms of prices, data released by the National Bureau of Statistics on August 16th showed that the prices of second-hand houses in Beijing, Shanghai, Guangzhou, and Shenzhen all decreased in July, with second-hand house prices in Beijing falling by 0.6% month on month.

In terms of new residential prices, according to data from China Index Research Institute, the average price of new residential buildings in Beijing in July this year was 44767 yuan/square meter, a slight increase of 0.04% month on month and an increase of 0.01 percentage points; The year-on-year increase was 0.39%, and the increase narrowed by 0.23 percentage points. From January to July, the cumulative price of new residential buildings in Beijing increased by 0.19%, a decrease of 0.46 percentage points compared to the same period last year.

As of the end of July this year, the inventory of commercial residential properties in Beijing was approximately 11.3556 million square meters, a month on month increase of 11.1%; The further slowdown in the pace of liquidation has driven the clearance cycle back to 18.3 months, with a month on month increase of 1.9 months.

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