Luxury villa prices at Windsor Heights short of expectations

FPD Realty says eight of the 40 deluxe villas in Sino Land's Windsor Heights in Kau To Shan have been sold for prices between $13,000 to $14,000 per square foot.

Frank Marriott, managing director of FPD Realty, said the price for the units - located near Sha Tin - was below the developer's expectations. Agents expected prices for the luxury homes would be about $15,000 per sq ft. The project is 50 per cent owned by Sino Group, with the remaining 50 per cent equally shared by China Overseas Land & Investment and DBS Land.

Sino Land originally intended to sell only two of the townhouses by tender.

However, end users have been keen to buy, despite the downturn in the stock market and the developer has sold eight of the luxury villas, Mr Marriott said.

'These have been sold by private treaty and there is still one house which is for sale by tender,' Mr Marriott said.

FPD Realty is negotiating with buyers on two other units.

Mr Marriott identified the market as 100 per cent end users.