PCCW Infrastructure says it has received three offers of more than HK$10,000 per square foot for duplex units at its Residence Bel-Air development in Cyberport. Residential sales and marketing director Wendy Gan said the offers from three local buyers were close to the developer's target price and deals could be sealed in the next few days. Residence Bel-Air in Pokfulam had eight duplex units ranging from 2,700 sq ft to 4,100 sq ft, she said. 'Two of the potential buyers are targeting the largest 4,100 sq ft unit.' Some of the potential buyers were interested in buying adjoining units, measuring 3,100 sq ft to 3,600 sq ft, to provide long-term leasing, Ms Gan added. Estate agents said the reported offer price, if achieved, would set a new benchmark for the luxury residential market in Pokfulam. The show flats at Residence Bel-Air would be opened on Friday to about 200 potential buyers, Ms Gan said. But potential duplex buyers could visit before then. Ms Gan said the units would not officially go on sale until Friday, when at least some of the units would be priced. The market had speculated that standard units would be priced at an average of HK$5,500 per square foot but Ms Gan said prices had yet to be confirmed. Midland Realty sales director Jeffrey Ng Chong-yip said Residence Bel-Air was an unfinished project by PCCW Infrastructure, an unknown developer in the luxury residential market. He said the project was in a newly developed area where there were few luxury residential projects with which to compare it. 'A price of HK$10,000 per square foot is much higher than other projects in Pokfulam. Baguio Villa is trading at HK$3,000 to HK$4,000 per square foot. New development Royalton is fetching about HK$6,000 per square foot,' he said. Residence Bel-Air, comprising 544 units, is due to be finished next year. Separately, Cheung Kong (Holdings) executive director Justin Chiu Kwok-hung said 112 units at its Metropolis Residence in Hunghom had been sold through internal sale, realising HK$300 million. Most of the units had sea views and were sold at more than HK$4,000 per square foot.
