Luxury residential rents in Island South will face a new challenge when Sun Hung Kai Properties (SHKP) offers its upmarket project at Repulse Bay early next year, agents say.
The new development would draw tenants from existing buildings even though asking rents for the older blocks were relatively lower, they said.
Centaline Property Agency sales director Louis Chan Wing-kit said rents for SHKP's project at 127 Repulse Bay Road were expected to be about $50 per square foot - the highest in the area.
This compared with the current average price of $40 per sq ft in the area.
Mr Chan said the project, which was almost completed, was expected to be offered for lease in the new year.
A spokesman for SHKP said the building was scheduled for release early next year, though the company had not made a final decision on whether to offer the project for lease or sale.
