Shui On Land is set to launch luxury flats in its mainland project, Foshan Lingnan Tiandi, for sale in Hong Kong next month, with price tags ranging from 4 million yuan (HK$4.91 million) to more than 5 million yuan.
The developer plans to release the first batch of 32 flats sized between 220 and 260 square metres for sale in Hong Kong on October 13 and 14. These units, which belong to the project's phase two development, were priced at about 19,800 yuan per sq metre, said Alex Wong Ho-man, project director of Foshan Shui On Property Development.
"But we may sell the flats at a lower price when we launch them in Hong Kong, at around 18,000 yuan per sq metre on average, because many buyers of our phase one units were from Hong Kong and we received requests about selling the flats here again," Wong said.
Shui On will release a further 102 flats of 90 and 220 sq metres for sale in Hong Kong and Foshan.
Foshan Lingnan Tiandi was developed along similar lines to Shui On's Shanghai Xintiandi. It is a 1.5 million sq metre residential and commercial project in Foshan, which includes the redevelopment and preservation of buildings in the old town centre near the Ancestral Temple and the historic Donghua Lane.
Nearly 700,000 sq metres of the gross floor area in the development was set aside for residential flats and villas, while the rest will be for retail, hotel and office purposes. About a third of the project, which began construction in 2008, has been completed.
The first phase, including 284 flats and villas, was sold in 2010 before Beijing began imposing policies to curb property prices. At that time, the project's apartments were priced at an average of 18,000 yuan per sq metres, while the villas were sold for 40,000 yuan per sq metre.
About a third of the phase one buyers were from Hong Kong, while more than 10 per cent were from Guangzhou and the rest were Foshan natives, Wong said.
About 60 smaller units of around 90 sqmetres have been sold in the phase two release on the mainland, at 14,000 to 16,000 yuan per sq metre.