Analysts confused by luxury market

SWIRE Properties is having problems selling flats in the high-profile Robinson Place development, according to First Pacific Davies (FPD).

In its third quarter report, the property consultants say this is a good indicator of how the banks' lending restrictions are affecting the market.

''It is understood that there are a limited number of units available for sale due to the lack of take-up of those units by purchasers who successfully balloted [for] a flat.

''These are mainly larger sea view units on higher floors,'' it says.

The second phase of sales in the Mid-Levels' project went on the market last month for $6,128 per square foot. It was more than three times oversubcribed.