ONE of the three land parcels at the former World Expo site in Pudong New Area auctioned yesterday became the most expensive plot sold in Shanghai in over a year.

A subsidiary of Far Eastern New Century Corp, a Taiwan-based conglomerate, paid 978 million yuan (US$157.7 million) for the 6,100-square-meter parcel. The average gross floor area price for the plot was 40,079 yuan a square meter, or 48 percent above its starting price.

"The plot purchased by Far Eastern New Century is the most costly land parcel sold in Shanghai since 2012 but it is no surprise to me because of its good location," said Zhang Wanyu, an analyst with Soufun.com, operator of the country's largest real estate website.

The auction also saw a 7,588-square-meter site acquired for 1.2 billion yuan, or 39,932 yuan per square meter, and a 6,147-square-meter plot bought for 665 million yuan, or 27,075 yuan per square meter.

Both these two sites are designated for office and retail.