Shanghai real estate market scales new peak

SHANGHAI: The property market in Shanghai seems to be revving up again stoking fears of an impending price rise, going by the record sales price of an apartment in the expensive but much sought after Tomson Riviera.

According to data from Shanghai Real Estate Trading Center (SRETC), the 600-sq-m luxury apartment has been sold for a whopping 96.09 million yuan - at 160,848 yuan per sq m - a new record for luxury homes. It also represents a 13-percent increase over the February 2007 sale of a similar apartment.

Confirming the development, Li Qing, a manager at Tomson Riviera, said the record price was primarily due to the higher location of the apartment.