Investment funds keen to buy 100 luxury units at Cyberport
Several investment funds are interested in buying more than 100 units at the Bel Air Residence development at Cyberport, according to PCCW Infrastructure chairman Robert Lee Chi-hong.
Mr Lee said they included mainland and foreign funds, and PCCW was considering their offers.
Bel Air Residence, the first phase of PCCW's luxury residential project at Cyberport, is expected to be released for sale after the Lunar New Year.
Mr Lee said the selling price would be announced in a few weeks. Property agents expected the price to be about HK$5,000 per square foot.
The seven towers of Bel Air feature units from 700 sq ft to 4,100 sq ft. Most of the 544 units are three-bedroom flats with an average size of 1,500 sq ft. There are eight duplexes of 2,700 sq ft to 4,100 sq ft, and 44 combined units between 3,000 sq ft and 3,600 sq ft.
Mr Lee said the company was not considering making special offers, which other developers have done recently, as PCCW expected substantial demand for the project.
'There is no other large luxury residential development in Island South and lots of affluent people have been looking for such luxury flats in that area,' he said. There were about 2,200 luxury flats in Island South, or 3 per cent of the residential housing market.
'Cyberport is also attracting investors, as 30 per cent of property owners in Hong Kong buy flats for investment purposes. Cyberport is a good choice considering its quality, accessibility and lack of competition in the same area,' he said.
Mr Lee expected the property market to stabilise after the Lunar New Year as it had nearly finished digesting the effect of the government's nine housing stimulus measures.
He said the housing market, especially for luxury flats, would benefit if the government passed a proposed policy granting immigration permission to mainlanders or Southeast Asians who invest in Hong Kong.