A developer paid 4.6 billion yuan (US$742 million) yesterday for a plot of land in Shanghai's Changning District, the highest price registered in the city so far this year for a single parcel.

The unnamed Beijing-based developer bought the 40,355-square-meter plot near the Hongqiao Road Metro station and designated for cultural/sport and retail/office uses at an average gross floor area price of 29,229 yuan per square meter, or 57 percent above its starting price.

"It is a bit surprising the parcel was sold for more than 50 percent above its asking price concerning its size and high requirement for its buyer in terms of capital and development," said Huang Hetao, a research manager with Century 21 China Real Estate. "This again indicates that competition for prime land always remains intense."

The earlier record was set in April when a 122,018-square-meter residential plot in Tangzhen, Pudong New Area, fetched more than 3.7 billion yuan.

So far this year, the sales of land plots, excluding those for public uses or relocated residents, hit 45 billion yuan in Shanghai, nearly sixfolds from a year ago. Also as of yesterday, 19 of the 67 plots auctioned were sold for more than 50 percent above their starting prices, according to Century 21.