Kerry Properties sees land reserves hit 4.8 mln sq m

Jul. 20, 2009 (China Knowledge) - Kerry Properties Ltd<0683>, a property and logistics company, had properties totaling 4.8 million square meters in potential floor area as of Jul. 16 and is now considering land purchases in mainland China, said a senior official of the firm, sources reported.

In Beijing, Kerry Properties sold 1,300 apartments at an average price exceeding RMB 30,000 per sq m in the first half of this year, whereas it sold 1,100 apartments in the same period of last year.

In a high-end apartment project called Gemini Grove, located in Chaoyang District, Beijing, the enterprise had sold 150 apartments for RMB 500 million in total as of Jul. 17, 2009. The whole project is predicted to bring around RMB 1.2 billion in sales revenue. 

Kerry Properties has started selling six blocks of apartments in Gemini Grove to customers in Hong Kong. The apartments have a floor area between 72 sq m and 85 sq m each and are priced at between RMB 39,000 and RMB 44,900 per sq m. 
 
In Hangzhou, Zhejiang Province, the company currently has about 50 unsold apartments with an average price of RMB 13,000 per sq m, while the average price of units in another of the firm's Shanghai apartment projects is RMB 30,000 per sq m, sources reported.