Hutchison Whampoa Property is targeting Hong Kong buyers next month when it releases the remaining flats from the first phase of the Greenwich, its first residential development in Beijing.
The developer, which launched phase one last year, says prices of its flats are 836 yuan per square foot and its duplexes 1,347 yuan.
The project has earned 700 million yuan from the sale of more than 450 units at the 777-unit development, with the developer hoping to sell the remainder in Hong Kong.
Hutchison expects a turnover of $1.17 billion yuan after all units in phase one have been sold. The developer has targeted an average price of 929 yuan per square foot for the project.
'The property market in Shanghai used to perform better than in other cities in China, but Beijing saw the largest increase in property prices among the cities last year, followed by Shanghai,' said Jason Tam Kim-yuk, general manager for China marketing at Hutchison Whampoa.
'Property prices in Beijing increased 19.2 per cent last year, while prices in Shanghai only rose 9.2 per cent over the same period. The gross floor area of transactions in Beijing expanded significantly last year compared with 2004,' Mr Tam said.