Greenland Group, a Shanghai-based property developer, on February 12 won the bid for a piece of land near Jiyang Town, Sanya, for 2.272 billion yuan.
The Sanya Hongsha Palm Beach project is 142,100 square meters in size and will include residences and commercial units.
The estimated cost of the land is 16,250 yuan per square meter of potential floor area, which is quite the same to the 26-acre site developed by China Railway Real Estate in Yingbin Road last December.
According to Sanya Land and Environment Resources Bureau, three domestic large-scale enterprises have participated in the bidding process and Greenland finally won the bid.
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