On December 31, 2024, the last land auction in Hangzhou sold 7 homesteads, with a total transaction of 14.56 billion yuan and an average premium rate of 30.1%. This is also the largest land auction in Hangzhou in 2024. On that day, in addition to local real estate companies Greentown and Binjiang Land, state-owned enterprises such as China Overseas Land Development and China Merchants Shekou, which have nationwide layouts, were also actively replenishing their holdings. In addition, Beihaojia, a subsidiary of Beike, has acquired land in Hangzhou for the first time.
Overall, in 2024, a total of 72 residential land parcels were sold in the ten districts of Hangzhou, with a transaction amount of 116.9 billion yuan. The land transfer fee ranked third in the country, second only to Beijing and Shanghai. In the eyes of industry insiders, Hangzhou will emerge from the "independent market" of land auctions in 2024.
Out of 7 homesteads, 6 have a premium rate exceeding 10%
The land auction that ended in Hangzhou can be said to have produced the "finale" plot of land. Regarding this, a student from the Executive Vice President of the East China Region of the China Academy of Sciences stated that there were a total of 7 residential land parcels in this land auction, which is the largest land auction in terms of scale among the 21 batches in 2024. The land parcels are widely distributed and involve 6 administrative regions; The plot ratio has a wide range, from 1.01 to 3.3. From the final transaction, the popularity of the land has not decreased, with an average premium rate of over 30% for 7 residential plots, of which 6 plots have a premium rate of over 10%, and the highest plot has a premium rate of nearly 60%.
Among them, the Xixing plot in Binjiang District is less than 500 meters away from the Binjiang District government, with a north side overlooking the river scenery. It has high location value and obvious advantages. The plot ratio of this land is 3.3, with a building area of 100500 square meters. Finally, after 66 rounds of bidding, Zhonghai Real Estate won the bid for a total price of 4.49 billion yuan, with a transaction floor price of 44673 yuan/square meter and a premium rate of 59.78%.
The Xixing plot is a commercial and residential plot, with a commercial proportion occupying about 40% of the land. It is worth mentioning that the plot broke the floor price record of 40105 yuan/square meter set by Greentown Xiaofeng Langyue in June in Binjiang District. High school students expect that, based on the success rate of new houses in the surrounding area and the price of second-hand houses, the price of new houses can reach around 100000 yuan per square meter.
Another noteworthy plot is the Qianjiang New City Phase II plot in Shangcheng District, adjacent to Metro Line 9 and far away from the elevated road, with river views on the east side, a total construction area of about 83000 square meters, and a plot ratio of 2.5. The plot was won by China Merchants Shekou through 52 rounds of bidding for a total price of 3.12 billion yuan, with a transaction floor price of 37630 yuan/square meter and a premium rate of 24.27%. This is the third residential land transaction in Qianjiang New City Phase II this year, and also the first unrestricted residential land. It is expected that the future new house price will be 60000-70000 yuan/square meter.
The Shibei plot in Xiaoshan District is also a highly competitive plot. After 41 rounds of bidding, it was finally won by Binjiang Group for 1.69 billion yuan, with a premium rate of 30.95%. The transaction floor price was 26190 yuan/square meter, with a plot ratio of 2.5 and a total construction area of approximately 65000 square meters. The plot is located in the middle of the north of the city. Compared with the northwest of the city, the surrounding interface and supporting facilities are relatively average. The expected price of a new house is around 40000 yuan/square meter.
72 residential land parcels to be sold throughout 2024
It is worth mentioning that the Xiasha plot in Qiantang District was won by a consortium consisting of Xingyao, Binjiang Group, and Beihaojia, a subsidiary of Beike, for 620 million yuan, with a premium rate of 16.88%. On the same day, Beihaojia won the bid for the Fengxian New City residential land in Shanghai for nearly 700 million yuan. The Shanghai Fengxian New City project is the second independently operated project by Beihaojia, following the Chengdu Jinsan H12 plot project.
In addition, on December 31st, the Future Science and Technology City plot in Yuhang District was won by Binjiang Group for 2.77 billion yuan, with a premium rate of 18.36%; The idle forest plot in Yuhang District was acquired by Greentown for 1.62 billion yuan, with a premium rate of 10.96%; The Fuchun Bay New City plot in Fuyang District was won by Hangzhou Linghui Real Estate for 240 million yuan, with a premium rate of 0%.
According to statistics from the Zhongzhi Research Institute, from the full year of 2024, a total of 72 residential land parcels were sold in the ten districts of Hangzhou, with a total amount of 116.9 billion yuan; The total transaction amount is second only to Beijing and Shanghai, ranking third in the country. In 2023, a total of 123 residential land parcels were sold in Hangzhou, with a total transaction amount of 178 billion yuan.
In the second half of 2024, the residential land market in Hangzhou will heat up, with new records constantly emerging. Among them, in the land auction in Hangzhou on October 22, Greentown won the last restricted price residential land in Qianjiang New City Phase II for a total price of 3.422 billion yuan and a floor price of 50717 yuan/square meter, breaking the record of "high priced land" in Hangzhou that has been sealed for 8 years. The previous high priced land in Hangzhou appeared in 2016, when Greentown won the Fengqi Chaoming plot for 3.735 billion yuan, equivalent to a floor price of 45368 yuan/square meter.
On December 19th, the Beigan East residential land in Xiaoshan was won by Zhongtian and Haiwei after 70 rounds of bidding for a total price of 1.799 billion yuan, with a transaction floor price of 37064 yuan/square meter and a premium rate of 76.5%, setting a record for the highest premium rate in Hangzhou land auctions in 2024. Due to the fact that the plot is located in the government area of Xiaoshan District, with mature living supporting resources, the area is basically in a state of supply interruption and there are few competing products, which has attracted the attention of real estate companies.
The top real estate company in Hangzhou for land acquisition in 2024 is undoubtedly the local real estate company Binjiang, with an annual land acquisition amount exceeding 40 billion yuan.
For the hot land auction market at the end of the year, students from the High Court believe that the continuous growth of transaction volume in the new housing market in Hangzhou in November has enhanced the confidence of developers in acquiring land. In addition, many developers will replenish their inventory at the end of the year to lay the foundation for sales in 2025.