Hangzhou Shangcheng District residential land sold for 3.224 billion yuan, with a premium rate of 51.08%

On March 6th, Hangzhou hosted its first land auction after the Spring Festival. According to the transaction results, the land parcel was sold after 109 rounds of fierce bidding for a total price of 3.224 billion yuan, with a premium rate of 51.08%.

The land is located in Shangcheng District. The information shows that the plot, designated as Hangzheng Storage [2026] No. 1, also known as Chengdong New City Unit SC080201-27, borders Huan Station West Road to the east, Xintang Road to the south, planned green space to the west, and San’gao Road to the north. The auctioned area is 32,576 square meters (48.864 acres), with a floor area ratio of 2.2. The starting bid was 2.13394 billion yuan, equivalent to a starting floor price of 29,776 yuan per square meter.

According to monitoring by the China Index Academy, this land was originally designated for commercial and office use. In April 2025, it was reclassified as purely residential land, with the floor area ratio decreasing from 3.0 to 2.2, significantly enhancing its residential attributes and laying a foundation for high-quality improvement projects.

This land auction attracted 12 real estate companies. Based on bidding records, after 109 rounds of competition, Zhejiang Poly City Development Co., Ltd., a subsidiary of Poly Developments and Holdings, secured the land for 3.224 billion yuan, with a transaction floor price of 44,985 yuan per square meter, and a premium rate of 51.08%.

According to data from Haodi.com, in the first quarter of this year, Hangzhou only sold three land parcels, which is one-tenth of the same period last year. With current land acquisition pace and a seven-month development cycle, sales could be achieved within the year. Especially considering the reduced supply in the second half of last year, there will be relatively few competing projects when new projects are launched.

Gao Yuansheng, Executive Deputy General Manager of the East China Region at China Index Academy, pointed out that this land parcel boasts south-facing views directly overlooking the Beijing-Hangzhou Grand Canal and is adjacent to Mai Miao Port, offering excellent ecological resources. In terms of transportation, it is only about 200 meters from the Xinfeng Station on Metro Line 4, providing direct access to Hangzhou East Station hub, ensuring convenient commuting. The surrounding amenities are also well-developed. Additionally, the northern part of the land is the “Cuiyin Jianglin” project, acquired by Greentown in March 2025. Since its market debut in September 2025, it has maintained strong sales, demonstrating the high-end improvement market’s strong appeal in Chengdong New City. The transaction floor price for this parcel is approximately 11.8% higher than that of the Cuiyin Jianglin project, further highlighting the market premium of scarce landscape resources in the core area.

Gao Yuansheng mentioned that Poly Developments, as a leading state-owned enterprise, possesses strong financial strength and development capabilities. In recent years, it has heavily invested in Hangzhou, with high-end projects like Poly Tianjun and Poly Tianyi performing well. Notably, Poly Tianjun, with an average price of about 77,000 yuan per square meter and main units of 204 square meters, ranked second in transaction volume among Hangzhou projects in February 2026. The significant premium paid for this core area project not only demonstrates the company’s firm confidence in Hangzhou’s high-end improvement market but also reflects its strategic focus on city deepening and core sectors.

Industry insiders believe that Hangzhou’s land market, with a premium rate exceeding 50%, has started strongly, sending positive market signals. The resilience and cycle resistance of high-quality land parcels in the core area have been reaffirmed. On the same day, Hangzhou announced the listing of three state-owned construction land use rights in Binjiang, Yuhang, and Qiantang districts, with a total starting price of 4.48 billion yuan, scheduled for auction on April 8th.