Ochtar Capital puts renovated Repulse Bay project up for sale
After 18 months of renovations, apartments at the luxury project 56 Repulse Bay Road are being offered for sale at an asking price of $16,000 to $24,000 per square foot.
Refurbishment costs for the project came to about $1,500 per square foot, according to Jones Lang LaSalle international director Joseph Tsang - an amount comparable to the building cost of many residential developments in Hong Kong.
'It's like a complete makeover. Almost the entire features of the apartments have been transformed,' he said, adding that the renovations had been complicated by the need to accommodate eight tenants already in the development.
Market sources said a 4,250 square foot apartment in the project sold earlier for $62 million, or about $14,500 per square foot.
The project, formerly known as Royal Cliff, is being offered for sale by Ochtar Capital Partners, a team that led a management buyout of the Australian investment fund Lend Lease.
Lend Lease bought Royal Cliff from Sino Land in 2001 for $1.58 billion, or an average of $9,100 per square foot.
The project has 53 apartments, ranging in size from 2,671 square feet to 4,375 sq ft.
'Most apartments come either with their own garden or roof top,' said Mr Tsang. 'It's like living in a house, but the project provides better facilities.'
These include a clubhouse with an indoor swimming pool and a gymnasium.
Mr Tsang said some apartments in the project came with gardens as large as 2,300 sq ft or roof top gardens of about 1,000 sq ft.
'No apartment developments in Island South provide such a high portion of open space.'
Property agents put 56 Repulse Bay Road in the same league as Grosvenor Place, a 27-storey residential block also in Repulse Bay.
In the latest transaction at Grosvenor Place, a unit of 2,800 sqft sold earlier this month for $48 million, or about $17,000 per square foot.
