PCCW plans to sell about 20 per cent of its residential apartments at Cyberport early next year, according to a company executive. Director Robert Lee Chi-hong said PCCW expected Cyberport to start contributing revenue by the middle of next year after the first batch of residential units was launched in the first quarter. 'The first phase of the project will have 544 units,' Mr Lee told Bloomberg, adding that buyers would be able to choose units between 800 square feet and 4,000 square feet. Cyberport will have about 2,800 residential units, totalling four million square feet, for sale. The first phase is expected to be completed by the middle of 2004, with the final phase finished in 2007. PCCW, which was granted the contract to develop Cyberport into a business and technology hub in Pokfulam by the government in 1999, is expected to inject US$1 billion capital into the project. It had committed US$333 million as of the end of June. Cyberport co-ordinator Annie Tam Kam-lan said PCCW had not submitted details about its pre-sale plan to the government yet. 'One thing for sure is that PCCW will not dump the project at a fairly low price,' Ms Tam said. 'We also share the profit and loss of Cyberport.' She said the government would appoint a property consultant to advise on the selling price. Analysts expect that PCCW will achieve break-even for Cyberport at about HK$5,000 per square feet, at the top end of market prices in the Pokfulam area. Bullish property analyst Franklin Lam of UBS Warburg estimated that PCCW could achieve that price, given the scarcity of supply in Island South, and the possible extension of the MTR. PCCW shares fell 1.55 per cent yesterday to close at HK$1.27. The counter is the worst performer among blue-chip stocks this year, with its shares down 40.93 per cent. Meanwhile, PCCW's parent company, Singapore-listed Pacific Century Regional Developments (PCRD), reported a first-half net loss of S$29.39 million (about HK$130.83 million). The company reported a S$35.94 million net profit for the same period last year. Richard Li Tzar-kai's Singapore flagship recorded a S$420 million accounting loss from disposal of PCCW's mobile-phone business CSL.