Swire Group

Swire names agents at cut-price Island Place

PUBLISHED : Saturday, 08 August, 1998, 12:00am
UPDATED : Saturday, 08 August, 1998, 12:00am

Swire Properties has appointed agents to sell 15 of 90 remaining flats in Island Place at about $6,200 per square foot, down about 40 per cent on the previous sale in June last year.

The company has brought in Midland Realty and Centaline Property Agency to help re-launch the remaining units of the development in North Point.

Property agents said the average price of the 15 units on the 19th and 25th floors of Island Place was $6,115 per square foot.

They said the sharp adjustment in pricing from last year's $10,593 per sq ft was within expectations and in line with overall market correction.

Midland's Island Place assistant sales manager Gary Lee said the price was at market rates and should attract genuine buyers.

However, he said the response would not be strong as market sentiment remained weak.

Agents said other Island Place flat owners were seeking about $6,500 per square foot in the secondary market.

Swire's latest sale, in which they have offered to pay buyers' legal fees for transactions, might put pressure on second-hand prices, agents said.

A Swire spokesman said the company also was selling 28 remaining flats in The Floridian, in Quarry Bay, and 29 flats in Sunningdale, in Mongkok, mainly through property agents.

The Floridian units are offered at about $7,500 per square foot and the Sunningdale units at about $4,800 per square foot.