Sale of Island Place set to begin

Swire Properties will release a third batch of residential units at Island Place in North Point at an average price of $6,438 per square foot.

The price for the 48 new units is marginally higher than the $6,435 per square foot charged for the second batch, which analysts said reflected cautioun on the developer's part.

Swire is also offering 28 unsold units from the previous batch.

The unsold units will be sold on a first-come, first-served basis, while buyers of the latest batch will be selected at random by computer.

The new units measure between 672 sq ft and 996 sq ft. Registration for buyers will take place from November 4 to November 6 and the official sale date is November 8.

A Swire spokesman said 260 units of Island Place had been sold. The entire project comprises 784 units. Last month, Swire launched the first batch of units at an average price of $6,282 per sq ft.