Emperor International Holdings plans to invest about HK$3.2 billion in its property business in Hong Kong this year, which will be used mainly for enlarging its land bank and retail spaces.
The developer's executive director Donald Cheung Ping-keung said yesterday the company would consider buying sites worth HK$2 billion or less that were sized 40,000 square feet or below.
'We seek to increase our land reserve,' Cheung said. 'We're interested in developing projects mainly in urban areas ... and we will pay more attention to the government's land auctions and sites offered by the Urban Renewal Authority and MTR Corporation.'
He said the developer might put on sale two residential projects this year. They include the boutique residential project at Shing On Street in Sai Wan Ho, which is scheduled to launch in the second quarter of this year. Referring to new flat prices in the area, Cheung said asking prices for the 108 units sized between 350 sq ft and 1,100 sq ft could be around HK$15,000 per sq ft.
The sales will help the company generate about HK$1 billion.
The other 24-storey development, at 398 Prince Edward Road West, is expected go on sale in the final quarter of this year, but will generate less than HK$500 million.
Andrew Yu Siu-yeung, Emperor Group's assistant general manager of property development and marketing, said the company pocketed HK$143 million after selling eight units at its Harbour One development in Sai Wan during the Lunar New Year. He said the apartments were sold at an average price of nearly HK$16,500 per sq ft.