HONG KONG, June 13, 2011 /PRNewswire-Asia/ -- Top Spring International Holdings Limited ("Top Spring" or the "Company" and, together with its subsidiaries, the "Group") (stock code: 3688), a real estate property developer in the PRC, officially launched Phase 3 of The Spring Land on 11 June 2011 (Saturday).
The Spring Land is located in the 2nd tier expansion zone of Longhua Town, Bao'an District, Shenzhen and is close to Hongshan Station of Metro Line No. 4 which connects the Futian Check Point of Hong Kong. The project is a large-scale urban mixed-use community with a site area of 167,000 sq. m. and a total saleable and leasable area of 560,000 sq. m. Upon completion, the project will comprise residential units, shopping and dining areas as well as leisure, entertainment and recreation facilities, making it the leading development in the new Longhua area. The Shenzhen North Railway Station, which is located in the same neighbourhood, is under construction. It will become the largest passenger transport terminal in Asia and is scheduled to commence operation in July this year. The travel time to the West Kowloon terminal by the Express Rail Link, the operation of which is expected to commence in 2015, will take only 23 minutes. Such speedy and direct connection serves as one of the major attractions for potential home-buyers in the PRC. In addition, the Shenzhen North terminal of the Express Rail Link will be linked to major PRC cities such as Beijing, Shanghai and Guangzhou from this year onwards, allowing it to become a transport hub in the near future.
Following the huge success of the sale of Phases 1 and 2 of The Spring Land in 2010, Phase 3 has been the highlights of the property market in Shenzhen. The saleable area of The Spring Land Phase 3 is approximately 110,000 sq. m., which comprises 5 high-rise buildings with a total of 1,079 units. The areas of the units range from 67 sq. m. to 162 sq. m.
Top Spring received very strong response to the sale of Phase 3 of The Spring Land with over 4,000 visitors on the launch day. A total of 923 units, accounting for 86% of the total number of units and a total saleable area of 94,975 sq. m., were subscribed for and an aggregate sales amounted to RMB1,995 million, setting the highest launch-day sales record in Shenzhen for 2011. The average selling price was approximately RMB21,000 per sq. m.
The Executive Director, Chairman and CEO of Top Spring, Mr. Wong Chun Hong said, "As Phase 1 has been delivered, The Spring Land is now a mature project. The amenities as well as both the quality of hardware and the software of the project have been greatly improved. In view of the tremendous result on the launch day, we are optimistic about the future sales of the project, the Group will continue to seek new land reserve with development potential for urban mixed-use communities in order to provide quality properties for prospective home-buyers."
About Top Spring International Holdings Limited
Top Spring is a real estate property developer in the PRC, specializing in the development and operation of urban mixed-use communities and the development and sale of upscale residential properties in the Yangtze River Delta and Pearl River Delta regions. Since 2002, the residential properties and urban mixed-use communities developed by Top Spring under the Water Flower and Top Spring brands have been recognized both locally and nationally as top property developments by various industry bodies. Based in Hong Kong and Shenzhen and led by Mr. Wong Chun Hong, its founder, Chairman and CEO, the Group had a total of 13 projects at various stages of development in Shenzhen, Changzhou, Hangzhou, Chengdu, Dongguan and Tianjin as at December 31, 2010. Top Spring had a net saleable/leaseable GFA of approximately 2.3 million sq.m., for which it has entered into land grant contracts and/or obtained land use rights, and a net saleable/leaseable GFA of approximately 0.8 million sq.m., for which it has yet to enter into land grant contracts as at December 31, 2010.
