(Yicai Global) June 28 -- Bidding results of a landmark real estate project with a floor price only seen once before in downtown Shanghai are expected to be revealed next month.

The outcome may be published in late July as authorities in Jing’an district will issue notices to valid applicants for investment negotiations late this month, industry insiders said to Yicai Global.

The project consists of two parcels of land of around 52,200 square meters in total, according to the district government. The guiding price for the residential houses of the project is CNY210,000 (USD29,065) per square meter, a price that equals to broke the previous record in October. Up to 87 percent of one plot and no more than 51 percent of the other will be used to build housing.

Jing’an district held a conference recently to promote the project to Hong Kong-based developers such as Swire Properties, Kerry Properties, and Hongkong Land Holdings, as well as mainland-based firms including Poly Developments and Holdings Group, Huafa Group, and China Merchants Shekou Industrial Zone Holdings, Yicai Global learned.

The winner will need to protect historic buildings as several celebrities used to live in the area. After construction is ready, each of these historical buildings must cover at least 51,400 square meters in total. Moreover, the district has commercial requirements as at least four-fifths of all commercial property in the area must be owned by the developer while the rest needs to be approved by the local government to be sold.

Hong Kong-based real estate developers have been heavily investing in Shanghai in recent years. The city launched a project in a historic area in Yangpu district with a guiding price of CNY210,000 per square meter in October. Hong Kong-headquartered Shui On Land and Shanghai's Yangshupu Real Estate secured the bid for CNY2.4 billion (USD332.2 million).

Editor: Emmi Laine