Kerry Properties

Kerry resumes marketing of Beijing project

PUBLISHED : Wednesday, 22 July, 2009, 12:00am
UPDATED : Wednesday, 22 July, 2009, 12:00am

Banking on improved sentiment among property buyers in Beijing, Hong Kong-listed Kerry Properties last week began a second round of marketing to sell units in Gemini Grove - its majority-owned luxury residential project in the city.

The units will be marketed to both mainland and Hong Kong buyers.

Kerry Properties and joint venture partner Beijing-based Huayuan Real Estate launched six units in the new West Tower of Gemini Grove on Thursday.

The units ranged from 71.56 square metres to 84.67 sqmetres and their average selling price was about 41,379 yuan (HK$46,944) per square metre, the developers said.

That is about 11.84 per cent higher than the average of 37,000 yuan per square metre achieved for units sold since the first launch in the middle of last year.

Gemini Grove is in the Yansha commercial area in Chaoyang district, an upmarket residential section neighbouring the second embassy district.

The project is 71 per cent owned by Kerry Properties and consists of two towers offering 317 units ranging from 71 sqmetres to 182 sqmetres. Completion is due next year.

About 150 flats in the East Tower had been sold so far, allowing the developers to reap about 500 million yuan in sales, said Kerry Real Estate Agency executive director Chu Ip-pui. During the weekend, the developers offered more units for sale and secured buyers for 12 flats.

Kerry Properties is part of the Kerry Group, the largest shareholder in the SCMP Group, publisher of the South China Morning Post.