With no other young properties for sale on Bowen Road, the top-end development has achieved record prices Bowen Road's tranquility has attracted running enthusiasts and flat-seekers looking for a quiet home in Mid-Levels. But the price gap for projects of different ages is much steeper than the running path. Last week, Henderson Land Development sold four units in Regence Royale to Macau gaming mogul Stanley Ho Hung-sun's fourth wife, Angela Leung On-kei, for up to $20,000 per square foot. The price was a record high for the three-year-old project - and much higher than those fetched recently for other buildings in the neighbourhood. Even the cheaper price of $16,000 per sq ft Ms Leung paid for two of the four units was significantly higher than prices of about $9,000 per sqft achieved recently for units in older Bowen Road buildings. In July, a 1,744 sqft unit in eight-year-old Fairlane Tower, next to Regence Royale, sold for $15 million, or about $8,600 per sqft. In September, a 2,000 sqft unit in 15-year-old Bowen Place sold for $17.8 million, or $8,900 per sqft. The residents list at Regence Royale is on par with its premium prices. One of the penthouses in the two-tower project is occupied by Henderson Land vice-chairman Colin Lam Ko-yin. The developer will sell about 20 remaining units in Tower 1 for an average price of $20,000 per sqft, according to Henderson Land Development assistant sales manager Thomas Lam Tat-man. 'This is our target price [but] we will wait for flat-seekers' offers rather than set a price,' Mr Lam said. The second highest price achieved at Regence Royale was $49.98 million for a 2,697 sqft flat on the 30th floor, sold in September. The price works out at about $18,532 per sqft. Ricacorp Properties executive director Willy Liu said the building was the only choice for flat-seekers looking for a new project with clubhouse facilities. 'It is very difficult to find similar projects on Bowen Road for a price reference because there are no other new projects for sale,' said Mr Liu, adding that flat-seekers might want to compare prices of relatively new projects in Island South. Landscope Surveyors managing director Koh Keng-shing said Regence Royale units now rented for about $35 per sqft, which meant a relatively low average rental yield of 2 per cent. Sino Land recently launched a new luxury rental property at 13 Bowen Road - Bowen's Lookout. About 10 units have been leased at a unit price of about $40 per sqft a month. The developer said it had no plans to sell the units, which it is holding for long-term investment.