Kerry Properties may convert two industrial sites into residential use at a land premium of about $300 to $400 per square foot, according to director Simon Tam. If converted, the two sites would generate a gross floor area of 2.6 million sq ft for residential use, Mr Tam said. The company planned to convert Kerry BCI Warehouse in Kwai Chung and Kerry Hung Kai Warehouse in Cheung Sha Wan into residential projects, he said. However, he said the plan was not definite, and the land premium needed for the conversion of the Cheung Sha Wan warehouse would not be finalised until early next year. 'I hope the land premium needed will be around $300 to $400 per sq ft,' Mr Tam said. He said Kerry Hung Kai Warehouse, which was a joint venture between China Resources (Holdings), Kerry Properties and Sun Hung Kai Properties, would generate a gross floor area of 1.6 million sq ft for residential use. 'The conversion plan is not finalised yet as our warehouse business is doing quite well at the moment,' Mr Tam said. Meanwhile, Kerry Properties chief financial officer Chew Fook Aun said the company had sold about $2 billion worth of properties this year and would sell about $4 billion worth next year. He blamed the Sars outbreak for this year's lower sales. Kerry Real Estate Agency executive director Chiu Ip-pui said the company planned to sell a number of properties next year, including the 1,400 remaining units of Residence Oasis, in which Kerry Properties has a 40 per cent stake. The 2,130-unit project in Tseung Kwan O, if all sold, would bring $4 billion in revenue to a joint venture formed with Sino Land, he said. The company also hoped to sell the 70 units at its new luxury residential project in Ho Man Tin Hill Road, which would bring in between $1.3 billion and $1.5 billion in revenue. A 550,000 sq ft commercial development - Enterprise Square 3 - in Kowloon Bay would also be sold at $1,400 to $2,100 per square foot next year, he said.