The curtain goes up today on Hong Kong's flagship residential project in Singapore - Marco Polo Development's Ardmore Park.
The three towers of luxury apartments are expected to yield the Wheelock offshoot a minimum of S$1 billion (about HK$5.48 billion) in profits between now and the end of the decade as well as nicely topping up Marco Polo Development's war chest for future developments, which is expected to include the redevelopment of the Marco Polo Hotel.
Marco Polo is tearing down an existing development of 303 units, right in the heart of Singapore's quality No 10 district, which it purchased in 1994, for what seems the bargain price of $375 million.
It is now building 324 apartments and six penthouses, all expected to sell for top dollar.
'It's the deal of the century, and more amazing in that it has gone to a Hong Kong company,' one analyst said yesterday.
Whether or not it's quite that good, Marco Polo managing director David Lawrence is expected to reveal today that demand for the first two towers has been strong.
Around property circles in Singapore it is said thousands have been prepared to put up the deposits on the apartments, which will cost between $4.65 million and $5.99 million. Few may be in this league, but every owner and aspiring purchaser of a luxury apartment in Singapore will be watching to see how strong demand has been.