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China, Socialism & Consumer Behavior: Shanghai’s sky-high priced luxurious house unveiled

Tomson Group has built a top luxurious housing block in Pudong, Shanghai. Tomson cooperated with Versace Home to built a luxurious show house of more than 900 square meters, with the name “Versace Home at Tomson Riviera” […]

Tomson Group has built a top luxurious housing block in Pudong, Shanghai. Tomson cooperated with Versace Home to built a luxurious show house of more than 900 square meters, with the name “Versace Home at Tomson Riviera”.

Versace Home at Tomson Riviera
Versace Home at Tomson Riviera, estimated to be worth over 100 million yuan, nearly 15 million US dollars (photo: chinapic.people.com.cn)

The residential development in Pudong’s Lujiazui area, known for its record-setting prices when the project was unveiled in 2005, has sold a total of 43 apartments as of December/2009.

Most of those deals, or more than 80 percent, were secured over the past couple of months, riding on a nationwide housing boom since the second quarter.

In the first two weeks of December/2009, a 597 square meter apartment on the 28th floor at the development was sold to an unidentified buyer for 96.09 million yuan (over 15 million US dollars), or 160,848 yuan per square meter (nearly 24,000 US dollars), a local record.

In Shanghai, the average price of luxury homes, those costing more than 40,000 yuan (almost 6,000 US dollars) per square meter, climbed 2.4 percent month on month to 63,477 yuan (nearly 10,000 US dollars) per square meter in October/2009, Shanghai Uwin Real Estate Information Services Co said in its latest report.

Transaction volume rose 4.9 percent from September to 64,000 square meters.

Research by World Union Properties Consultancy Co showed that 39 residential projects in Shanghai were sold at an average of more than 50,000 yuan per square meter this year between January and October.

via Versace raises the price of a penthouse | Shanghai Daily.

By Itamar Medeiros

Originally from Brazil, Itamar Medeiros currently lives in Germany, where he works as Lead Product Design Strategist at SAP and promotes User Experience Design as visiting lecturer at Köln International School of Design. Working in the Information Technology industry since 1998, Itamar Medeiros has helped truly global companies in several countries (Argentina, Brazil, China, Germany, Hong Kong, India, Mexico, The Netherlands, Poland, United Arab Emirates, United States) create great user experience through advocating Design and Innovation principles. During his 7 years in China, he championed the User Experience Design discipline as User Experience Manager at Autodesk and Local Coordinator of the Interaction Design Association (IxDA) in Shanghai

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