Singapore-listed Yanlord Land Group, a property developer focused on developing high-end integrated commercial and residential property projects in China, has announced that it has sold 155 (around 60.32 percent) of the 257 units at Yanlord Sunland Gardens in Shanghai.
Launched at an average price of S$8,768 (RMB46,500) psm, the company has achieved total contracted pre-sales of RMB1.7 billion for the units sold.
“Market uncertainties arising from both the introduction of regulatory policies and the global economy continue to impact sales volumes within the sector,” said Zhong Sheng Jian, Group Chairman and Chief Executive of Yanlord.
He noted that the positive market response during this inaugural launch is testament to the company’s significant brand equity as a leading high-end developer within China, and “confidence that buyers place in the group’s ability to deliver quality developments.”
To cater to the differing needs of its customers, the company is planning to launch a second batch of apartments at the development this month.
Meanwhile, Yanlord also acquired a Ba2 rating for its senior unsecured debts, as well as a Ba2 corporate rating from Moody’s, with a “stable” outlook.
“Yanlord’s Ba2 rating reflects its competitive business model, which focuses on high-quality properties that generate good profit margins,” said Moody’s.
It noted that Yanlord’s “stable” outlook reflects its expectation that the company will have adequate cash and operating cash flow to finance its current projects.
“It also reflects its proven track record of replicating its business model in second-tier cities and its ability to manage through down markets,” it added.
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