Hopewell's 'golden' debut

PUBLISHED : Wednesday, 28 September, 2005, 12:00am
UPDATED : Wednesday, 28 September, 2005, 12:00am

Hong Kong-based Hopewell Holdings will follow the lead of other developers and launch the sale of the first phase of its residential projects in Guangzhou during the Golden Week holiday - October 1 to October 7.

The project, Huadu Hopewell New Town, is the group's first Guangzhou development. It has an estimated floor area of 1.4 million square metres and will be completed in the next few years.

The phase one development consists of 57 houses and 420 apartments. Each house is about 300 square metres with a garden of 59-75 square metres. Apartments are of 125 to 230 square metres.

'The total cost of our Huadu project is $3 billion, and the first phase cost $0.3 billion,' deputy managing director Thomas Jefferson Wu said.

Albert Yeung, executive director of Hopewell Holdings estimated the price of the town houses would be 5,000 yuan per square metre, and apartments would be 3,000 yuan per square metre. Property agents said the Huadu project would lure buyers.

The project, 2km from Guangzhou Baiyun International Airport, would attract people who work near the airport, agents said.

It would also appeal to those living in the countryside.

Land Power International said the average price of property in the Huadu area for the first half of the year was 2,261 yuan per square metre, 11.9 per cent higher than the second half of last year. The property agent said houses with better quality finishes cost about 3,000-3,500 yuan per square metre.

The average price for Guangzhou for the first half of this year was 5,063 yuan per square metre, 9.6 per cent higher than for the same period last year. The transaction volume from January to June was 15 per cent less than for the same period last year.