(Yicai) Dec. 25 -- A housing project in Shenzhen where apartments were priced at up to CNY28.4 million (USD4 million) was sold out on its first day on the market, mainly thanks to eased real estate policies and relatively cheaper pricing.

All the 270 apartments of a property project in Shenzhen’s Nanshan district were sold on Dec. 23, the first day of sales, according to Shenzhen Metro Group, the developer of the project. Some 553 potential buyers had paid a CNY2 million (USD280,240) deposit each as a pledge intention, with less than half of them finally got their wishes.

The apartments had floor areas of between 189 and 249 square meters and an average price of CNY99,000 (USD13,870) per sqm. Therefore, their price range was CNY15.9 million to CNY28.4 million.

All of the project’s houses got sold probably because the unit price was lower than that of current second-hand homes in surrounding areas, Li Yujia, a researcher at the Guangdong Housing Policy Research Center, told Yicai. Moreover, there are good living facilities and easy access to public transport, as well as not many residential projects are under development in the area, implying supply may become tight in the future Li noted.

In fact, the hot demand for the sold out project is quite unique, Yical noted, although the real estate market in Shenzhen has recently picked up a bit, not many property projects managed to sell all their units on the first day. Since the beginning of the year, there are a few projects been put into market in the same region, but none had this type of achievement, either be sold out or sold as many as 270 units on first day.

Editors: Tang Shihua, Futura Costaglione