Leading property and infrastructure group Hongkong Land's first large-scale luxury residential project in Beijing is expected to help the developer establish itself at the top end of the market.
Executive director Robert Wong Yau-chung said he hoped that Central Park, comprising a mix of low- and high-rise apartment blocks, would become a new landmark residential development in Beijing.
He said the project could take about six years to complete.
The project is a joint venture between Hongkong Land and Vantone Group, one of the major developers in Beijing, Mr Wong said. Hongkong Land holds a 40 per cent stake in the alliance, while the partner holds the remainder.
Central Park is located near the Great Wall Sheraton Hotel in Beijing's Chaoyang district, where there is a high concentration of residential and commercial properties. It will provide in excess of 300,000 sq m of residential space with more than 2,000 flats. 'Well-established developers could benefit from the relatively stable property market in Beijing as they are experienced in developing quality premises,' Mr Wong said.
He estimated that higher margins could be achieved by developing high-end residential buildings in Beijing rather than in Hong Kong.