Henderson Land expected to pull out all the stops with Sheung Wan project Henderson Land Development's CentreStage, next to the police housing quarters in Sheung Wan, is a unique residential project on Hollywood Road. The developer is keen to market the 37-storey, twin-tower project along the lines of Swire Properties' Star Crest in Wan Chai, which charges high rents because of its proximity to Admiralty. Estate agents expect the developer to heavily promote the project in the coming weeks. Thomas Lam Tat-man, deputy general manager, sales department, Henderson Land Development, said special units on high floors measuring more than 1,100 sqft, would be offered at more than $12,000 per sqft, while the smallest units of about 500 sqft would be offered at more than $3million per unit. The 388-unit project is made up mostly of relatively small spaces. There are 208 units of 500 to 620 sqft, and 70 flats of 800 to 1,000 sqft. There are 40 special units, including penthouse duplexes, ranging from about 1,000 to 2,500 sqft, all above the 35th floor. 'I would consider the project a good buy if the minimum asking price was under $7,000 per sqft,' a real estate agency director said. 'Flats in Star Crest in Wan Chai are selling for about $8,000 to $10,000 per sqft in the secondary market, but rent is solid at more than $30 per sqft, and there is strong demand from people working nearby, while rents in Sheung Wan have not been proven in that price range.' He said CentreStage, to be completed by next July, could offer large capital appreciation potential if the developer did not price units too aggressively. A price reference for the project was the five-year-old Hollywood Terrace opposite. Real estate agents in the district said there were about 20 secondary flats for sale in the project, developed by the Housing Authority, and that prices ranged from about $5,500 to $6,000 per sqft. Terence Tong Ping-ching, a director at Centaline Property Agency, said the monthly rent in Hollywood Terrace was about $22 per sqft. 'The landlords of CentreStage should be able to charge a few dollars more for rent, considering that Hollywood Terrace was developed by the then Housing Authority, so there are fewer facilities.' Some real estates agents in the district said about 300 potential buyers had registered, about 40 per cent of them expatriates. However, one agent said: 'I don't see it [the large percentage of expats]. Most of our clients are locals. Expatriates make up less than 10 per cent of inquiries.' He said the alleged keen interest from expatriates could be a marketing ploy to boost the project's image. The newest project in the district is single-block Cherry Crest, in Kui Yin Fong Street, developed by private developer Yu Tai Hing. Launched in February, the project is almost fully sold. The average price is $6,800 per sqft. The remaining units on the top floors are selling for more than $8,000 per sqft.