A LAND lot for the development of talent housing in Qianhai was purchased by Shenzhen Qianhai Rencaileju Co. Ltd. at the reserve price of 542 million yuan (US$78 million) at an auction Oct. 19, the Nanfang Daily reported yesterday.

The project will start construction at the end of the year and is expected to provide about 1,200 housing units for talents upon completion in 2021. The rental prices will probably be about 60 percent of those of the commercial housing in the same area.

The plot is located in the core of the Guiwan area in Qianhai, with a land area of 14,694.63 square meters. The gross floor area covers 102,000 square meters, of which 90,000 square meters are for commercial apartments and 6,000 square meters are for ground-level and underground commercial structures.

The plot will be used to develop small and medium-sized rental apartments with a floor area of less than 90 square meters.

Meanwhile, the project will be developed into a model community for talent housing in Qianhai, setting an example for talent housing management in Shenzhen and across the country.

The project will adopt prefabrication, according to the planning. Prefabricated parts will account for no less than 50 percent of the total volume of concrete used in the project.

The project will effectively alleviate the housing pressure on talents living in Qianhai and further expand the development space for Hong Kong people and enterprises, according to a source with the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone.

(Zhang Yu)