Sino Land plans to launch the Avery, a single residential block in Kowloon City, on Thursday with a starting price of more than HK$4 million per flat.
The building, at 16 Hau Wong Road, will have 78 flats on 24 storeys. Forty are studio units and 38 are one-bedroom units.
Typical flat sizes range between 313 and 439 sq ft in terms of gross floor area. Eight flats are special units with a roof top or garden.
The project is scheduled for completion in April next year.
Victor Tin Sio-un, an associate director of Sino Land, said yesterday: "We will release the price list soon. The project will be released for sale as soon as next Thursday. We will offer a first batch of 30 flats for sale in the first stage."
Tin said asking prices of the regular flats would range from HK$13,000 to HK$15,000 per square foot in terms of gross floor area, and the special flats would cost more than HK$20,000 per square foot.
He said Sino Land could generate more than HK$400 million after the flats were sold.
"The property market is driven by end-users currently, and new housing supply remains tight," Tin said. "We received many inquiries from end-users about this project."
Tin said the Avery drew more than 500 inquiries. About 80 per cent were from young couples planning to buy for personal use, while 20 per cent were from potential buyers looking for a long-term investment.
The previous new project in the area was Henderson Land Development's High Place at Carpenter Road. The prices of the flats ranged between HK$14,000 and HK$15,000 per square foot in terms of gross floor area.
Angus Yeung Sze-yin, a branch manager at Centaline Property Agency, said most of the buyers at High Place were investors. "The rental yield is less than 3 per cent, based on current rental levels. But they are cash-rich and would like to hedge against inflation by buying property," he said.
The Centa-City Leading Index, which monitors prices at 100 major housing estates in the city, climbed 0.88 of a percentage point to 121.73 for the week from February 4. It is the fourth straight week the index hit a record level.
The price index for New Territories West rose 1.99 percentage points to 101.8, the first time it exceeded its 1997 peak. The index's benchmark of 100 reflects July 1997 prices.
Meanwhile, Midland Realty said 1,153 clients made appointments to visit flats at 15 major housing estates today and tomorrow, 15.3 per cent more than a week ago.
Vincent Chan, an executive director at Midland, said: "It has yet to get back to normal levels because of the [Lunar New Year] holiday. But the figure will recover after the long holiday."