The developer feels the market can take the increase but property agents say demand will be limited
Central Development's Hui family is offloading units in its landmark residential building HighCliff at an aggressive price to take advantage of improved sentiment following the government land auction.
The project, in Stubbs Road, is arguably one of the most innovative residential buildings in Hong Kong.
The project comprises 109 apartments of 3,676 sqft to 3,816 sqft and four penthouse units of 7,429 sqft each.
According to real estate agents, the developer offered lower-floor apartments for lease at the beginning of last year and has sold two apartments on upper floors for a unit price of about $18,000 per sqft.
'The developer has suspended sales since the end of last year because buyers did not make offers that could meet the target prices,' said a director of a property agency.
The developer is offering units on 10 middle floors at an even heftier price, starting from $20,000 per sqft.