2017.02.23

Times Property emerged victorious in 223 rounds of bidding on February 23, 2017, as it won plot no. 2 on the north side of Xihe Road, Xinan Subdistrict, Sanshui District, in Foshan with a bid of RMB 1.779 billon. The plot covers 89,927.33 square meters and the accommodation price is RMB 6,597.5 per square meters, bearing a premium of 139.9%. The plot, combined with the soon-to-open Ocean Times (Foshan), offers a total floor area of approximately 600,000 square meters and will be developed as a superior-level project with an expansive river view.

Location of the plot

Currently, Sanshui's real-estate market, given the presence of four giant real-estate developers--Poly, Evergrande, Wanda and Country Garden--and motivated by premium land prices, has high development potential, particularly since the average selling price of a home in Sanshui is now RMB 9,000 per square meter. Prices, in fact, can reach RMB 10,000 per square meter for some high-end premises. Beijiang New District has now garnered more than a dozen fledgling residential communities, all of which contribute to a vibrant living atmosphere. Beijiang New District once was an economic development zone, but since the "Three Olds" transformation it has gradually become a well-equipped residential zone, integrating business and trade with culture and dwellings. According to the official plan, the district will eventually boast a population of 100,000.

The plot is situated along the northern flank of Xihe Road, Xinan Subdistrict, with neighboring Beijing Pearl to the east. From that vantage point it has a beautiful--and increasingly desirable--southerly view of the Pearl River. Moreover, commercial amenities in the area have begun to take shape. In addition to the existing facilities in Times City (Foshan), the coming Guang Fo New Power Plaza will comprise shopping malls, pedestrian streets and apartment hotels. Famous brands such as AEON, Hilton Hampton and H&M have settled in, too, making it another upscale area for the people of Sanshui. Education resources are abundant as well, as they include Beijiang Primary School, Xinan Middle School, the Sanshui

Amenities surrounding the plot

The auction for the land parcel drew 13 developers, including Evergrande, Vanke and China Overseas Building in addition to Times Property. However, after several rounds of bidding, Times Property won the day. The company's foresight and perseverance show that the industry's premier developers consider the area promising and are confident in its regional market. The plot acquisition will further promote the brand influence of Times Property in Sanshui, Foshan and the entire Pearl River Delta region.