Wharf (Holdings) is preparing to release a new industrial-office building in Kwai Chung for sale by early next month to generate up to HK$400 million.
Metro Loft comprises 255 units ranging in size from about 700 to 2,100 square feet over 23 storeys and designed as home-offices.
Wharf assistant director Ricky Wong Kwong-yiu said the target price for Metro Loft units was about HK$1,500 per square foot. Construction costs were more than HK$1,000 per square foot and the land had cost about HK$900 per square foot.
'We purchased the site years ago, so making a loss is inevitable.'
He estimated the company could make HK$350 million to HK$400 million selling all the units.
'Our target buyers are those from creative industries. Their work hours are lengthy and perhaps they need to work overnight. Offices sometimes become their second homes,' he said.
'Metro Loft provides value-added building provisions such as higher ceilings, individual air-conditioning and double drainage systems . . . Sufficient technical services and flexible building design cater for publishing, advertising, design and data centres.'