March 17, 2006
Boardwalk ... Park Place ... Tomson Riviera
Shanghaiist thought the name of Tomson Riviera looked familiar, because we posted about it a couple of months ago, when part of its construction site caught on fire. Turns out after that, some people felt the fengshui there wasn't too great, and the government's attempts to cool the real estate industry haven't helped. We recently found some facts and figures about the place that we'd thought we'd share with you:
Spanning over an area of 20,000 sq m, the four-block Tomson Riviera condominium consists of two 40-storey and two 44-storey towers. Each unit is between 434 sq m and 1,200 sq m, priced at RMB 80,000 to RMB 150,000 per sq m – reputed to be the most expensive in Shanghai.
The next most expensive in Shanghai are those places by Xintiandi, which only cost 58,000 RMB per square meter -- but we wouldn't be caught dead in a place like that! According to this report (in Chinese), the prices of these residences range from a modest 39 million RMB to 190 million RMB. To buy one of these you also have to prove your assets total over 40 million RMB. One possibility is to make 40 million RMB, show them the proof, pay 39 million for the cheapest place, pay the monthly fees and eat instant noodles for the rest of your life with the remaining 1 million. Here's yet another way of looking at it -- Shanghaiist used to live in an apartment in Jing'an district that cost us 1,000 RMB a month. At that rate, our 40 million RMB would allow us to live, completely rent-free, for over three thousand years!
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Do you know Tomson's golf course houses in Pudong, selling more $ per square meter than San Francisco, have no garages? I guess all the expensive fancy cars would have to be parked outside under the carports, so the chauffeurs can polish them in their spare time.
http://www.chinaeconomicreview.com/property/2006/11/17/shanghai-sales-sag-government-blamed/
The article mentions 2 properties that are river front. ( I assume they are referring to pengli and tomson) However, even Shanghai locals don't know about a new project that has just been completed. It's probably shanghai's most luxurious project, and it has actually all been sold (compared to skyline), except for maybe a few that have their river view blocked. The name is called Cai Fu Hai Jing Hua Yuan. It's also located right on the river and the prices start at 50,000 rmb per sqm and shoots up and some larger units range up to $7Million USD. The sizes range from 300-1000sqm.
Half of Tomson's price but tomson is fluff and overrated anyways. It just finished construction and has a public park along the river. The exact location is right next to the coal mounds which is also rumored (now a fact) to be bought by hk's billionaire Li, who is planning to build a office/shopping complex. CaiFu is located right next to the international offices that look out of place because it's the only group of non high rise offices on the river.
It's kept secret because rumor has it, it's full of high profile residents such as jiangzhemin's son, jacky cheung hk's famous singer in the 90s, and many others. Not advertised at all but when you pass by at night you will see the lobby and it should make you turn your head twice.
It also may show that people don't like publicity as I'm sure there are more than enough people in this international city who can afford the sky high prices.