StarCrest flats price target too optimistic, say analysts

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.