A Shanghai land plot has set a year-to-date high for the property market, as increasingly buoyant prices in the mainland's richest city spur developers to replenish land banks.

Local developer Gemdale Group yesterday won the plot of land in Shanghai's western Qingpu district for 3.05 billion yuan (HK$3.46b), 222% higher than the reserve price of 946.03 million yuan.

The transaction set a record for the most expensive site in the eastern coastal city for this year.

South China Morning Post