Tai Po luxury draws good response

PUBLISHED : Friday, 17 April, 1998, 12:00am
UPDATED : Friday, 17 April, 1998, 12:00am

About a dozen people have put down the $1 million deposit required to reserve one of the 84 luxury units in Tycoon Place, Tai Po, according to property agents.

The agents said the response was good considering the depressed state of the luxury residential market.

About 1,000 visitors had visited the project in the past seven days, Midland Realty, which is handling the sale, said.

The sale of the project to the public is not expected to begin until early next month.

Pricing for the luxury townhouses range between $5,500 per square foot and $7,000 per square foot. Gross floor areas measure between 3,080 square feet and 3,137 sq ft.

The cheapest townhouse would sell for about $17 million, according to Midland Realty.

The larger stand alone houses are selling for just under $10,000 per square foot, said Midland Realty.

Agents said the luxury units would be finished by the end of the month and put on the market for sale in early May.

According to some agents, the developer would have to sell the units at prices higher than those offered during the internal sales now if they hoped to realise a profit on the project.

They said developers usually offered flats at lower prices during these sales to test market sentiment.

The townhouses would have to sell for between $7,500 and $8,000 per square foot while the stand-alone houses would have to sell for upwards of $10,000 per square foot for the project to realise a profit, they said.

The project is being developed by Lai Sun Group, Hong Kong Parkview Group, China Travel Service Holdings' property arm and Hing Kong Holdings.