Jones Lang Wootton (JLW) will open its first two luxury residential sales and leasing outlets on The Peak and in Repulse Bay on April 10. JLW Pacific director Charles Wheatman yesterday said the store operation, to be called Classic Properties, was aimed at increasing the company's market share and turnover in the luxury sector for flats worth $15 million and above. 'We would anticipate this expansion would double our turnover in terms of transactions and clients,' Mr Wheatman said. The company said about 65 per cent of its luxury residential business came from sales, while the remaining 35 per cent involved leasing deals. Mr Wheatman said the residential division last year accounted for 18 per cent of overall turnover and he expected Classic Properties to substantially increase that contribution. Much of JLW's residential work is on a project-by-project basis with developers and Mr Wheatman said the outlets were intended 'to add on to the client base through this network of offices'. 'Classic Properties will allow us to take our expertise out of the confines of our corporate headquarters and focus on bringing our resources directly to these exclusive locations,' he said. JLW Asia chairman Peter Lee Hoo-tim said the move into opening street outlets was due to market changes. People were looking for more convenience, he said. '[Customers] demand convenience and they want closer contact between the premises and the agents,' he said. Mr Lee said JLW would inevitably expand its market share in the luxury sector. JLW is not the only company planning street outlets. First Pacific Davies has said it also plans to open outlets on The Peak, the south side of Hong Kong Island and Mid-Levels to tap into the luxury flat market. While the luxury sector has cooled slightly since Lunar New Year, Mr Lee said luxury prices were likely to increase 10 to 15 per cent this year. 'There is only 2.4 per cent of the existing stock which measures more than 1,700 square feet,' he said. 'So we have an economy which is doing well and the uncertainty over the handover is a lot less. 'There is genuine demand for an upgrade,' he said. According to JLW's estimates, luxury flat prices soared 63 per cent last year.