Paliburg Holdings expects to realise $3.3 billion from the sale of three residential projects in Tai Po and Yuen Long, director Donald Fan Tung says. The three projects, to be sold by next year, comprise 1,000 flats and the first project to go on sale is Fuller Gardens in Tai Po. Mr Fan said the first 22 flats of Begonia Court, one of the two residential towers of Fuller Gardens, were offered at an average price of slightly less than $4,000 per square foot. The offer price was competitive, compared with the secondary market prices of between $3,600 and $4,600 per sq ft, he said. 'We expect to generate sales revenue of $600 million to $700 million if all 136 units of Fuller Gardens sell out,' he said. 'If the response for the first phase is strong, we will offer extra units on the market. We also will consider increasing the price if the sale is extremely good.' Pre-sale of the other two projects in Town Park Road, Yuen Long would be launched next year. They included an 88-unit, two-block residential project and 728-unit, 10-block residential project, he said. Mr Fan said Paliburg would release two office projects for sale and lease. He expected revenue of $500 million from the sale of the 26-storey, office-commercial development at Thomson Road, Wan Chai. Negotiations were under way for the lease of the 25-storey office-commercial building at Arbuthnot Road, Central, he said. On the sale of Fuller Gardens, Midland Realty's Tai Wo branch assistant sales manager Yue Hau-hung said the price was attractive as the project was near Tai Wo KCR station and would attract Tai Po residents. Property prices in Tai Wo had risen 8 to 12 per cent this year, he said. Paliburg will register prospective buyers for Begonia Court units from July 29 to 31. The flats, measuring 670 to 854 sq ft, will go on official sale on August 3.
