Pacific Century Premium Development (PCPD) plans to launch phase five of Residence Bel-Air in Cyberport by the end of this year, with the project's 700 units completed in 2008. The property arm of PCCW, which is targeting to sell only about 200 flats this year as it focuses on sale price, not quantity, will open a 6,500 square foot show flat by the end of the month or next month for the Bel-Air relaunch. PCPD chief executive Robert Lee Chi-hong said the first four phases had fetched about $23 billion from the sale of nearly 2,000 units. About 40 apartments remain unsold. The target price of phase five apartments will range from $18,000 to $20,000 per sq ft. The biggest, at 6,500 sq ft, will cost $130 million, said executive director Wendy Gan Kim-see. The developer has appointed Foster and Partners to design the lobby, landscaping and exterior of phase five. Mr Lee said PCPD would sell only about 200 units this year 'because we expect the price growth of luxury residential will continue'. 'And we are focusing on selling price rather than quantity,' he added. Mr Lee said the luxury property market would outperform this year due to limited supply, strong demand and the peaking of interest rates. He expects the price of luxury homes in Hong Kong Island to rise 10 per cent to 15 per cent while rent would increase more than 10 per cent this year. The rent at Bel-Air is expected to increase by 20 per cent to more than $38 per sq ft this year. The conversion of a PCCW telephone exchange building in Sheung Wan into a 150-unit residential project is the company's only other project in Hong Kong and will launch early next year. The company has acquired the redevelopment right for a telephone exchange building in Beijing. This site will develop into a luxury residential project with a gross floor area of 495,144 sq ft. Ms Gan said the firm would look for potential development projects in China and Hong Kong.