Swire Properties expects to earn more than $4 billion from the sale of all 784 units at its North Point residential development this year, director Michael Moir says. The company is releasing 48 units at its much-awaited Island Place next week at an average price of $6,282 per square foot. Centaline Property Agency (Tsat Tsz Mui Road branch) assistant manager Eddie Chan said the average selling price was reasonable. Although the price was 10 per cent higher than that of an older development in the area - Tanner Garden, which cost about $5,600 per sq ft - he said he expected Island Place to be about 20 times subscribed. Mr Moir said there was very limited new residential supply in North Point because most of the district was developed and it was difficult for the Government to create new development sites. Ballot registration for the sale of the first phase will take place between September 10 and 13. Mr Moir said there would be no internal sales before the public offer. The 48 units, ranging from 597 sq ft to 1,018 sq ft, are all in towers one and three. Island Place includes three residential towers on top of a four-level retail podium with a total gross floor area of about 150,000 sq ft, and a 25-storey office block with 484,000 sq ft of floor area. The office block is expected to go on sale next month but the selling price has not yet been fixed. The retail podium would be retained for investment and rents would be between $40 and $200 per sq ft, Mr Moir said. The development, expected to provide the bulk of the company's property profits this financial year, is a 60:40 joint venture with China Motor Bus, with Swire holding the bigger stake. Mr Moir said another project, the Floridian in Sai Wan Terrace, would be released for sale at the end of the year or early next year. The development, including two residential blocks, was half the size of Island Place, he said. Mr Moir said Swire was interested in bidding for the second package of the Tung Chung airport railway station.