Kerry Properties is releasing the first batch of flats at its Constellation Cove luxury residential development in Tai Po for public sale at HK$3,038 per square foot, about 20 per cent below the secondary-market price for the area. Estate agents said nearby luxury developments in Tai Po such as DeerHill Bay were bringing in about HK$3,700 to HK$3,800 per square foot. Chu Ip-pui, executive director of Kerry Real Estate Agency, said the low-price strategy for the first six apartments on offer aimed to promote the project to home-owners looking to upgrade in the area. He said most flats in the development were targeted to sell at an average price of between HK$4,000 and HK$5,000 per square foot. Kerry will reserve part of the 286-unit development, which includes 50 detached houses ranging from 3,240 square feet to 3,960 sq ft, for lease at HK$23 to HK$30 per square foot. A total of 116 apartments and duplex villas will be on sale, with projected proceeds of more than HK$1 billion. The first batch of six units are priced from HK$3.99 million to HK$4.76 million. The public sale is on March 23. Mr Chu estimated many flats in Constellation Cove would be sold through internal sale in line with the Government's pre-sale consent rules. Meanwhile, Kerry Properties has sold about 178 units in its Jupiter Terrace residential project in North Point, realising proceeds of HK$450 million. Mr Chu said the company was seeking government approval to convert its Enterprise Square phase three in Kowloon Bay to office use.
