High-end projects like One Central Park attract premium prices from wealthy purchasers who remain unfazed by economic instability.
The luxury real estate sector in Shanghai remains resilient amid nationwide declines, according to analysts. Wealthy investors are injecting funds into premium properties viewed as secure stores of value amidst economic instability.
All 64 units available at One Central Park, a luxurious complex located in the heart of the city’s Huangpu district, were quickly purchased on Wednesday, with transactions totaling approximately 4 billion yuan (around US$556 million).
The development, undertaken by Sunac China Holdings along with Citic Group and Xinhu Group, is situated within the bustling Xintiandi district known for shopping and entertainment. The apartments being offered had an average price tag of approximately 185,000 yuan per square meter (around 10.8 sq ft). One notable duplex transaction saw prices exceeding 246,000 yuan per square meter, marking it as among the highest-priced homes sold in the city so far this year based on unit pricing.
Are you curious about the most significant issues and global trends? Find out here.
SCMP Knowledge
Our latest platform features handpicked content including explainers, FAQs, analyses, and infographics, all provided by our prestigious team.
The initial phases at One Central Park were fully booked within hours as well, with the development’s total sales this year surpassing 10.8 billion yuan. This achievement makes it the first residential project in China to break through the 10 billion yuan barrier in 2025.
On Wednesday, the sale featuring apartments ranging from 300 to 1,000 square meters saw registrations almost three times over, leading to a point-based distribution mechanism aimed at deterring speculative purchases—the first instance like this in downtown Shanghai for the year. According to the developers, they aim to introduce the next stage of their initiative focusing on upper-level units as early as June.
High-end property sales have maintained their robust performance throughout the city. Data from Centaline Property indicates that new home prices in Shanghai increased during April and May, surpassing the nationwide average figures.
The latest data from Centaline indicates that last week, the sale of new homes in Shanghai increased by 72 percent compared to the prior week, with average prices jumping up by 49 percent to reach an unprecedented level of 107,746 yuan per square meter. This upward trend was supported by rapid sellouts of high-end properties such as Swire Properties’ Lujiazui Taikoo Yuan Residences and Greentown China’s Symphony Shanghai upon their release dates, according to Centaline reports.
Units from Poly Real Estate’s Bund 98 and ITG Holding’s Origin Pile, located outside the city center, experienced strong interest again this month, leading to the implementation of point-based purchasing limits.
Inventory in key areas continues to be limited, whereas demand from affluent purchasers, particularly young professionals and those returning from abroad, shows remarkable resilience,” stated Zhang Yu, who leads research at Centaline’s office in Shanghai. “Amidst economic instability, luxury properties are becoming more recognized as stable-value holdings.
Analysts stated that enhanced economic optimism, increased fluidity in financial markets, and a greater availability of high-quality developments in major urban centers were contributing to an upswing in the higher-end real estate sector across the country.
In April, overall, housing prices in Shanghai increased by 0.5 percent compared to the previous month, surpassing the growth of other first-tier cities, as reported by the real estate data provider 58Anjuke.
Data does not indicate a widespread rise in prices; instead, it shows that high-end offerings are lifting the overall averages,” explained Zhang Bo from 58Anjuke. “Currently, pricing dynamics in Shanghai are solely driven by market supply. Prime areas and premium properties show robust performance, whereas underperforming zones continue to stagnate.
Yan Yuejin, the vice president of E-House China Real Estate Research Institute in Shanghai, stated that the luxury sector was at the forefront of the ongoing recovery phase.
“It indicates that well-funded purchasers continue to invest in premium properties, despite the overall market remaining sluggish,” according to Yan.
As of May 19, sales of newly built houses priced at over 30 million yuan each in Shanghai reached 809 units, putting them on pace to top 2,000 for the consecutive second year and potentially equal or even outperform the total figures from both 2021 and 2023, reported E-House.
“Capital is flowing into high-end assets seen as stable and resilient, especially as savings yields drop and broader investments remain volatile,” E-house’s Yan said. “Favourable homebuying policies have also helped maintain momentum beyond just one-off spikes.”
He mentioned that robust demand for enhancements, particularly in desirable areas, coupled with improving confidence and a scarcity of available resales, was providing additional backing to the market.
More Articles from SCMP
Scientists from the PLA share their advancements in technology related to the planet’s quickest coilgun.
What accounts for the popularity of Korean-Chinese eateries and where does this fusion food originate?
Cambodia houses the globe’s strongest criminal syndicate, according to a report.
SCMP Top Picks: Unbeaten Prospect Draws Attention as Rookie Races at Sha Tin
The article initially appeared on the South China Morning Post (www.scmp.com), which serves as the premier source of news covering China and Asia.
Copyright © 2025. South China Morning Post Publishers Ltd. All rights reserved.
