The Metropolis Residence in Hunghom will realise more than HK$2 billion if all 662 serviced-apartment units are sold, according to Cheung Kong (Holdings) senior sales manager Joseph Lau Kai-man. Mr Lau yesterday said block one of the development, comprising 331 completed units ranging mainly from 597 to 663 square feet, could be released this month after sales consent was secured. The target average price for typical units was HK$4,500 per square foot, he said. At a soft launch in Guangzhou some mainland buyers had offered HK$6,000 to HK$8,000 per square foot to buy the penthouse duplex units, measuring 1,500 to 1,700 sq ft, Mr Lau said. He expected the project to attract long-term investors as it was able to generate a 7 to 9 per cent rental yield. The achieved average monthly rental at nearby Harbour Plaza Metropolis was about HK$30 per sq ft, he said. 'The demand for serviced apartments there is very keen. All 310 hotel rooms at Harbour Plaza Metropolis reserved for serviced apartments have been rented out and 165 potential tenants are on the waiting list,' Mr Lau said. The Metropolis Residence is part of The Metropolis commercial complex, jointly developed by Cheung Kong and associate Hutchison Whampoa, and owned by the Kowloon-Canton Railway Corp (KCRC). KCRC senior development and leasing manager Maria Lam said the cost of the entire development was HK$8 billion, and the company would share net profit from sale of The Metropolis Residence with the developer.