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PCCW has chosen Residence Bel-Air as the name for the first phase of its Cyberport residential development, being launched for pre-sale in February.

Hong Kong's dominant telecommunications operator, has adopted the name of a well-known area in Beverly Hills, California, for its Pokfulam project in a bid to help recoup its HK$2.6 billion investment.

PCCW Infrastructure chairman Robert Lee Chi-hong said the project would benefit from the government's policies to stabilise the residential housing market.

'The residential market has begun to heat up,' he said.

'We are seeing the number of buyers increasing, with prices that show buyers are willing to pay for long-term investments,' Mr Lee said.

Some high-end luxury projects could fetch more than HK$10,000 a square foot, particularly on Hong Kong Island. But he declined to name a price range for Cyberport.

PCCW had received inquiries from residents in the Pokfulam area as well as other localities, Mr Lee said. The company had not yet received a permit for pre-sale, but was scheduled to launch near the Lunar New Year period, probably February.

Phase one of the development consists of seven towers with units ranging from 700 square feet to 4,100 sq ft. Out of the 544 units, there are eight duplexes with floor areas between 2,700 sq ft and 4,100 sq ft, and 44 combined units with areas ranging between 3,000 sq ft and 3,600 sq ft.

Mr Lee said PCCW would spend HK$80 million on a showroom for the Cyberport development, which it refers to as a project with simple architectural design and French deluxe interiors.

Cyberport is PCCW's first major development in Hong Kong, although chairman Richard Li Tzar-kai's private flagship Pacific Century Group developed a mini-residential project at 22 Gough Hill Road, the Peak.

The group also developed a Tokyo commercial complex, Pacific Century Place Marunouchi, and a residential project at Holt Road in Singapore. The Beijing commercial and hotel project - Pacific Century Place, Beijing - was sold to PCCW in 1999.

For the Cyberport project, PCCW lined up a team of seven local and foreign construction companies and suppliers.

They were Arquitectonica, Hirsch Bedner Associates, Jerde Partnership International, Wong & Ouyang (HK), Paul Y-ITC Construction Group, Takenaka, and Wong Tung & Partners.



Cyberport goes California