The building of an exceptional attraction

There is compelling evidence that the market wants residential developments that are rare, unique and exceptional, like the Opus, says Martin Cubbon, chief executive of Swire Properties. 'It's what seems to characterise the Chinese consumer. We deal with them in our retail complexes on the mainland: it's very much what they go for.'

This trend is evident in all areas of consumer society, Cubbon says. 'Why on earth would you pay US$6,000 a case for a poor year of Chateau Lafite? Why are there so many Rolls-Royces and Lamborghinis in a place like China that has got speed limits and so on? So things which have that rareness, that clear distinction, there's strong demand for.' Opus, he says, ticks all those boxes, 'plus it's very usable, very attractive ... in a very important, vibrant financial centre.'

Is Swire looking mainly to mainland customers for Opus? Cubbon shakes his head but concedes he expects most customers to be Chinese, with interest so far from established Hong Kong locals. These have tended to be middle-aged and able to appreciate an apartment that has an element of art as well as just usage. 'Most people who are interested have got to acknowledge that.'

On the question of selling or leasing the Opus, Swire intended to hold on to some units, with some leased, and, if an exceptional offer is received, some might be sold. 'Then, we would look at it seriously, but we're not going to sell it for anything other than a very significant price, probably a premium on other residential apartments in Hong Kong,' Cubbon says.

Would they consider selling the whole block? 'Never say no, but that's very, very unlikely.' Cubbon thinks the market is ready for flats with an identity, which is why Frank Gehry was chosen for the Opus. 'I think that's probably been there for some time, but the expedient has been, you know, draw out the maximum commercial value, which doesn't always get something that's different, unique, exceptional, artistic, whatever.'

Gehry was chosen because he could do something commercially compelling. 'I mean, it's a great site, it's not just that it's on The Peak on upper Stubbs Road, it's on this promontory which gives it a 270-degree view, due east, due west but also southeast and southwest.' To make the most of the site, it could not be a design that was a simple rectangular block. Challenges included building a new road, fortifying the slope behind it, and orienting the building to maximise the views.