Securities firm Get Nice Holdings will start selling units at its 80 per cent-owned Kowloon City residential development early in 2008, boosting the company's property portfolio further after it takes a stake in Macau's Grand Waldo casino resort.
Hong Kong-listed Get Nice, which acquired the Lomond Road, Kowloon City site in April for HK$107 million, would invest up to HK$300 million to build a 30-storey residential development, deputy chairman Anthony Cham said.
Each floor would have two flats at 1,000 square feet and 1,400 sqft, Mr Cham said. He said the company was waiting for word from the government on the land premium. The site at present has a three-storey development.
The average property price in the district is HK$8,000 per square foot.
Get Nice shareholders yesterday approved the firm's venture with Macau Prime Properties and other investors to buy 50 per cent of Grand Waldo for HK$1.54 billion from Macau VIP gaming room operators Cheng Kwee and Yeung Chi-hang.
Mr Cham said the Grand Waldo stake would give a guaranteed 8 per cent return for five years.
