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NEW World Development Co is targeting institutional buyers for the upcoming sale of its luxury residential project, New World Riverside Villa, in Guangzhou.

  The development, with prices of more than $5 million for a two-storey European-style garden house, is way beyond the pockets of average income earners in Guangzhou, according to property agents.

   The houses are being offered at an average of $2,440 per square foot.

  But the developer said it had institutional buyers in mind which had to take care of the housing needs of employees stationed in the city.

  Located on Er Sha Island in Dongshan district, the luxurious residential site, which will feature 67 garden houses when completed, is still a relatively new style of development.

  The project, jointly developed by New World Development (China) and the Guangzhou government's Guangzhou City Construction & Development, was ambitious, said property analysts.

  'New World can test the ceiling of the upper-end market with this project, and that might turn out to be a good try,' an agent said.

  The first phase of 28 houses, ranging from 2,404 sq ft to 3,351 sq ft each, will be on the market soon and about 10 potential buyers have expressed interest. Sales will start in Hong Kong from the middle of next month.

  Larger houses of 4,051 sq ft to 6,618 sq ft are to be offered later.

  The project would be one of Guangzhou's rare luxurious residential areas, and sales would demonstrate what institutional buyers thought about the multi-million dollar price tags, an agent said.

  Agents said the macro-economic control measures had already taken effect on the Guangzhou property sector and the quiet period before the Lunar New Year holidays was seasonal.

  The sale of properties in Guangzhou, which has been dragged down by sluggishness in the Hong Kong market, was not expected to see any significant pick-up in the short term, they said.

  New World has amassed a huge land bank in China and company officials said the new round of property development tightening by central and local governments actually put them in a better position than newcomers.

  Each house in the first phase of New World Riverside Villa is designed to have an enclosed garden area on three sides, ranging from 2,000 to 5,000 sq ft with covered parking spaces.

  The living room has a six-metre high ceiling, and some houses also feature floor-to-ceiling arched windows, a fireplace or private swimming pool.

  The island, in the heart of Guangzhou, is close to the commercial hub and destined by strict government planning to be a green area.

  Development on the island is divided into 18 districts including commercial and recreational buildings, hospitals, schools, police and fire stations, a telecommunications centre and 34 hectares of greenery.

  FACT FILE DEVELOPERS: New World Development (China) and Guangzhou City Construction & Development HOUSES OFFERED FOR SALE: 28 SIZE OF HOUSES: 2,404 to 3,351 sq ft, with garden space from 2,323 to 5,550 sq ft.

AVERAGE PRICE: $2,440 per square foot DATE OF OFFICIAL SALE: Mid-February TOTAL NUMBER OF HOUSES: 67 TOTAL AREA: More than 520,000 sq ft COMPLETION DATE: End of 1995 or early 1996 SALES AGENTS: New World and Guangzhou City Construction & Development 



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