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Repulse Bay pricing by SHKP to crown sector

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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.

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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.

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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.

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