Two exclusive apartment blocks, with some flats priced at more than US$20 million, are struggling to find buyers in what is now a depressed housing market in the city.

The Tomson Group, the developer behind the project, called Tomson Riviera, said it has received some offers, but is holding out for more money.

Tomson Riviera, the most expensive apartment project in Shanghai, its developer Tomson Group said it has received some offers, but is holding out for more money. [newsphoto]

However, property agents say the firm could have a long wait at a time when the market for luxury apartments in Shanghai is in the doldrums.

Two of the planned four blocks in the development, which overlooks the Huangpu River, have so far been completed.

Apartments in tower C, the first to be finished, are being sold for between 80,000 yuan (US$10,000) and 150,000 yuan (US$18,750) per square metre.

That means flats in the block, which was completed last October, start from 38 million yuan (US$4.75 million) and run to 190 million yuan (US$23.75 million).
In the whole of last month only one apartment was sold.

The second block, which is being sold as one unit and has 74 apartments, is open for public tender for at least 3 billion yuan (US$370 million).

Tomson general manager Hsu Bin said that the firm had received inquires from several fund management companies for the second block before the announcement that it would go to public tender.

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