Tepid response to Grand Promenade

PUBLISHED : Wednesday, 31 May, 2006, 12:00am
UPDATED : Wednesday, 31 May, 2006, 12:00am

An aggressive marketing campaign for Henderson Land Development's Grand Promenade in Sai Wan Ho has failed to generate significant sales, with only eight units sold since the project was relaunched.

The developer on Sunday relaunched the sale of 18 Grand Promenade flats at an average of $7,200 per square foot.

Henderson said eight flats had been sold as of 3pm yesterday, among them a 1,532 sqft unit for $16.98 million, or $11,000 per sqft.

Ricacorp Properties managing director Ivan Ho Shiu-cheong said the housing sector was unmoved by the sale.

Henderson Land has about 500 unsold Grand Promenade flats left after more than 1,400 units were sold in 2004.

The company launched series of advertisements on television and radio, and in newspapers.

It also organised a Japanese cultural event featuring sumo wrestling and geisha performances and demonstrations at the 13,000 sqft clubhouse on Sunday.

Henderson said that the project had attracted many Japanese tenants and, through the cultural event, it hoped to draw the wider attention of the Japanese community.

That would make it easier for potential buyers to find tenants, it said.