KCRE Corporate Real Estate Solutions

AN apartment in the Tomson Riviera luxury complex in Shanghai set a new price high when it sold for 96.09 million yuan (US$14.07 million) to an unidentified buyer.

The 597-square-meter apartment on the 28th floor of Block A fetched a record 160,848 yuan per square meter, E-House (China) Holdings Ltd said yesterday.

The city's official real estate Website reported that the residential development in Pudong's Lujiazui area, known for its record-setting prices when the project was unveiled four years ago, has sold 42 apartments so far - 35 in Block C and seven in Block A.

The Hong Kong-based developer launched Block C on June 22 at an average price of 110,000 yuan per square meter.

Before that, only four units were sold. They were all in Block A, which claimed to have the best riverside views. The average starting price of those apartments remains at 146,000 yuan per square meter.