With rents at $15,000 to $16,236 a month, property agents say Kerry Properties should have little problem leasing its new 25-floor residential-commercial development at 111 High Street in the Western district Mid-Levels.
However, some agents said the 70 per cent efficiency of the building, the general location and the lack of sea view in most of the 18 units to be leased would turn off some tenants.
The building had a gross floor area of about 20,000 square feet, with each unit occupying an entire floor, the leasing agent said.
The bottom three floors would be leased to retail and commercial tenants in the future, according to a Kerry Properties spokesman.
The commercial space probably would be leased to a convenience store and possibly a clinic, agents said.
The flats, which measure between 700 sq ft and 738 sq ft, include a fully fitted kitchen, bathroom and floors which have been finished in Canadian red maple strip flooring and skirting.
According to the developer, the building is located close to well-known schools and shopping facilities.
It is about a five-minute drive to the Western Cross Harbour Tunnel and about a 10 to 15-minute walk to the University of Hong Kong, according to a spokesman for the developer.
Management fees have been set at $1.80 per sq ft a month.
According to a Kerry spokesman, the area is a mix of residential high-rises and ground-level shopping.
Public transport was convenient, and it was a relatively short commuting time to Central, said property agents.
However, while the price might be right, some agents complained that the flats were too small.
The 70 per cent efficiency rating meant that the actual living area in the flat was closer to 500 sq ft.
Other property agents pointed out that 70 per cent was by no means the lowest rating to be found. Some buildings could be as low as 60 per cent, they said.
Several property agents said the lack of underground parking facilities was a slight drawback. However, there were parking places nearby, they said.
FACT FILE Development: 111 High Street, Western Developer: Kerry Properties Leasing agent: Kerry Real Estate Agency Flats for lease: 18 Size: 700 to 738 sq ft Rents: $15,000 to $16,236 per month or $22 per sq ft Total flats: 22 Management fee: $1.80 per sq ft