MacauLand and Citigroup Property Investors are in talks with several international investors to sell one of the two towers of their luxury residential project in Taipa, which is expected to generate $1.3 billion to $1.4 billion of revenue for the local developer. On the fringe of Cotai Strip, the 169-unit Manhattan is one of the most expensive residential developments on Taipa Island. Ben Kao, principal of MacauLand Holdings, said 25 units in the lower half of the north tower were sold over the past two weeks at an average price of $3,200 per square foot. 'We expect that the tower will sell overall at an average price about $3,600 per square foot,' Mr Kao said. He said a soft launch would be held in Singapore next week. 'We believe that overall property prices in Macau will increase by 10 to 15 per cent annually in the next five years.' High-end properties in Taipa would see even faster price growth thanks to optimistic property investors and an increasing number of expatriates moving to Macau to work for the new casinos and hotels on the Cotai Strip, he said. 'We heard from some of our Hong Kong buyers that they were set to sell their investment apartments in Hong Kong and were planning to buy property projects in Macau, which definitely points to the full potential of this market,' he said. Mr Kao estimated that about 30 per cent to 40 per cent of buyers would be Macau residents, with the remainder coming mainly from Hong Kong, the United States and Europe.