Swire Group, whose activities span property, aviation, beverages, marine services, and trading and industrial, is a Hong Kong listed conglomerate. It is the parent of Hong Kong carrier, Cathay Pacific Airways, and Dragonair, and Hong Kong Aircraft Engineering Co (Haeco) is a subsidiary. Swire Pacific and Swire Properties are the main listed arms of the group, which also owns Swire Hotels.
Swire first to sell homes under new 'honest marketing' rules
Brochures altered for development at Dunbar Place as 'honest marketing' regulations arrive
Swire Properties will be the first developer to offer a brand new residential project for pre-sale after new rules to shield buyers from dishonest marketing practices take effect on Monday.
The developer will launch the first batch of 30 units at Dunbar Place in Ho Man Tin on Tuesday at an average of HK$20,869 per square foot in terms of saleable area.
The units are mainly three or four-bedroom flats with 1,200 sq ft to 1,830 sq ft of saleable floor area, and all come with a balcony. Unit prices are from HK$23.23 million to HK$41.63 million.
The sale will be on a first come, first served basis.
Adrian To, the general manager for residential at Swire Properties, said the sales brochure for the development "has been revised in accordance with the suggestions given by the Sales of First-hand Residential Properties Authority".
The company decided to proceed with the sales arrangement after seeking legal advice, To said.
Under the new rules, developers must publish their sales brochures seven days before the official sale and must release the price list three days before the launch, to give potential buyers time to study the details.
The authority said it had received and gone through the brochures of two new residential projects, Dunbar Place and Hong Kong Ferry's Green Code.
"Both sales brochures are largely compliant with the requirements of the new rules but still have room for further improvement," it said.
The authority said there must be sufficient measurements showing the internal and external dimensions of each residential property on the floor plans in a sales brochure.
In the description of fitting, finishes and appliances, it said there was no need to mention the brand names of interior fittings in the bathrooms and kitchens.
The hard copy of the sales brochure for Dunbar Place, together with the price list and sales arrangement, must be available for collection at any time for seven days before the official sale.
The project's show flat also comes with a "bare-shell" unit and a furnished unit.
Instead of using a picture in the show flat which purports to show the scenic view from the window, the developer has covered the windows with white paper in order not to cause misrepresentation.
Hong Kong Ferry will offer the remaining 146 units at Green Code in Fanling for sale on Monday.
The number of construction starts of new flats plunged 56 per cent in the first quarter from the previous quarter.
Data from the Transport and Housing Bureau yesterday showed the construction of a total of 1,100 new homes in the first three months of the year.