Beijing sees record 'land rush'

Beijing's high-end realty sector to see price rise

View of a courtyard housing project in Beijing. [Photo/ thaihot.com.cn]

Beijing's high-end residential market is expected to see a number of projects with the unit price tag higher than 100,000 yuan per sq m in 2015, a report from international real estate agency Savills showed.

Despite the challenging market environment, the loosening of the approval for pre-sales certificates for high-end residence from the side of government, combined with a growing pool of high net-worth individuals residing in Beijing part-time, are expected to give a broader demand base and ensure a steady stream of deals, according to the report.

Several luxury residences priced above 100,000 yuan per sq m are anticipated to be launched onto the market in 2015.

Meanwhile, Beijing's new Grade A apartment supply will be more limited in 2015 compared with the past three years, as only six projects are scheduled to enter the market, adding a total supply of 878 units, just one third of the average in the past three years, according to the report.

Though the year of 2014 experienced a slowdown in the residential market, the land market remained active, it added.