Strong demand for Mission villas

PUBLISHED : Friday, 19 May, 2006, 12:00am
UPDATED : Friday, 19 May, 2006, 12:00am

MISSION HILLS GOLF resort in Shenzhen has witnessed strong demand for its luxury villas and apartments, particularly from Hong Kong buyers.

David Chu, vice-chairman of Mission Hills Group, said it had so far developed 1,000 homes within the 10-golf course resort, covering just about 40 per cent of its 12 square kilometres of land.

'Our resort still has a lot of room for further development and we will build more luxury homes in accordance with market demand,' he said.

'At present, about 60 per cent of our buyers are from Hong Kong. Other buyers include bosses of private mainland enterprises, Taiwanese businessmen and expatriates. Many buyers use the properties as vacation homes and some make them guest houses for their clients.'

In its latest sale of Emerald Canyons, a new phase of development in the resort, Mr Chu said buyers' response was overwhelming and it had sold 108 villas on the first day of the official sale, generating a total of $1 billion in revenue.

The remaining units of the 156-unit development were released to cope with demand. The villas ranging from 198 to 288 square metres were sold at an average price of $30,000 per square metre, or a unit price of $6 million to $13 million.

Another phase of development, Emerald Valley, comprising 111 villas, is scheduled for sale at the end of July. Buyers will automatically get free membership to its golf courses. These two projects are considered middle-end properties within the Mission Hills resort. The most expensive houses there cost up to $75 million to $80 million for a unit of 900 square metres or more.

The group is developing a top-end luxury phase, President Commons, which comprises 26 mansions measuring 600 square metres to 1,600 square metres each.

Mr Chu said these mansions were designed to cater for the specific needs of wealthy businessmen. 'Many of our golf club members are running businesses and are interested in having a nice place to meet clients and friends. These large-sized houses can become a private club or mini-hotel for business connections,' he said.

Mission Hills would deliver the houses with no decorations or fittings, so the buyers could incorporate their own interior design to suit their requirements, he said. The group will provide free interior design consultants to help the buyers.

While the final pricing has yet to be concluded, Mr Chu expected that the President Commons units would sell at a starting price of $30 million each.

He was optimistic about the prospect of luxury property buying in Shenzhen on strong purchasing power and expected its $5 billion resort to draw continuous interest with its low-density development and unique appeal.