Swire Properties is unlikely to hit the $8,000 to $10,000 per square foot target it was hoping to achieve for six flats put on offer by private sale yesterday, according to property analysts and agents. 'The price is a bit on the high side,' one analyst said. Analysts forecast Swire would achieve between $6,500 and $7,000 for the five flats and one duplex which it is selling to selected clients and staff. The developer would only say it had received a number of applications from potential buyers for the units, part of the 329-unit StarCrest development in Wan Chai. A Swire spokesman said there was no set purchase price as buyers would be asked to submit a figure which would be reviewed by the developer. 'I think people who bid on the flats will have a reference from the market,' the spokesman said. The positive results of Sun Hung Kai Property's (SHKP) sale of its luxury development in North Point for prices as high as $6,789 have been a good sign. Property agents also have their doubts the developer could achieve the target price. 'Not many people in this market would bid more than $8,000 per square foot,' said Vincent Chan Kwan-hing, residential director with Midland Realty. Analysts noted prices in the second-hand luxury market in the Wan Chai area were between $5,000 and $6,000 per square foot. The Swire spokesman said the development would go on sale to the public in early March. She said it was too early to say how many units would be released onto the market. The agents and analysts agreed the development would be well received.
