A luxury residential development in Macau hopes to tap Hong Kong capital, taking advantage of growing investment interest in the city. Midland Realty is selling three houses in a 12-house development called Island Park, near the University of Macau, on Taipa, on behalf of Macau-based developer Kong Hoi Industrial and Commercial Enterprise. Each house is about 4,000 square feet and is selling for about HK$3,500 per square foot. Ronald Cheung, a director of Midland Realty's Macau division, said the developer sold about nine houses in Macau last year at between $2,000 and $2,500 per square foot. But the improved sentiment recently in Macau as the economy strengthened and new casinos opened led the developer to raise prices. Midland is looking for investors who are confident of Macau's real estate market in the long run. Property agents said Hong Kong investors were taking more interest in Macau because they saw a growing economy. Jones Lang LaSalle said a Hong Kong-based investment group recently acquired 27 flats in the 450-unit Kingsville residential project next to the Venetian Village Casino on Taipa, neither of which has been completed. Developer San You Development should complete the first phase of the project in about two months, while the second phase is scheduled for completion in 2006. Jones Lang LaSalle said in its latest research report on Macau that the city would see rapid growth in the coming years as capital inflow improved. The firm said Macau's gross domestic product per capita last year was US$17,782, a 16.7 per cent jump from the previous year. But it said the real estate market was undeveloped and immature, and lacked transparency and clarity.