Wachovia, America's fourth largest bank has purchased more than 50 per cent of a residential project along the waterfront of Lover's Lane (Qing Lu Road in Jida), according to a South China Morning Post report today. Zhuhai is their first foray into China.
The 9,000 sq. metre luxury residential site next to the International Conference Centre costs an estimated RMB 600 million. Zhuhai residences are a major draw for investors who anticipate a major influx in demand for residences from people working just across the border in Macau.
Property prices in the Jida area range between RMB 10,000 and 11,000 per square meter. Two years, ago, properties in this area were around RMB 7,000 per square meter, according to Centaline (China).
Macau, on the other hand, saw a 24 per cent drop in residential sales as of November 2006, according to Jones Lang LaSalle, but property agents are optimistic that residential prices will rise 1 per cnet this year. Selling prices at One Central Residences (owned by Hong Kong Land and Shun Tak Holdings) set to open in 2009 are strong, surpassing HK$4,500 per square foot.
