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SCMP Reporter

VOLATILE prices in luxury residential property have left developers speculating how high prices will go.

  The latest property to generate interest, the K. Wah Group's Green Villas in Sai Kung, could fetch as much as $8,000 to $9,000 per square foot, analysts said.

  That is more than $20 million for the larger units in the development, bordering Sai Kung Country Park.

  A K. Wah spokesman said luxury property houses in Sai Kung would rival prices in more developed areas on Hong Kong Island.

  He said, for example, flats of 1,600 sq ft in Mid-Levels were now selling for between $15 and $20 million.

  ''The price for property has been escalating for the past three months,'' said Anna Kwok, marketing manager for K. Wah's properties and real estate divisions.

  She said interest in the Sai Kung project had been so intense that the company was ''confident that this $8,000 to $9,000 will be the price-setting level for Sai Kung''.

  There are seven large townhouses of just over 2,100 sq ft, while the three smaller units are of 1,500 sq ft. The houses are about a 15-minute drive from Sai Kung town.

  Each townhouse comes equipped with its own two-bay car port and, by Hong Kong standards, a good size back yard - (672 sq ft).

  These units are three-storey split-level houses which include a spacious living room and smaller dining room on the ground floor. The size of the living room is accentuated and enhanced by a very high ceiling.

   ''The people we see want to move because of the environment here,'' Ms Kwok said.

  ''You can't get the spaciousness or the good views of Sai Kung in the city.

  ''If you work in Kowloon, you can be there in 20 minutes,'' she said.

  Potential clients include industrialists with factories in China or Yuen Long. According to Ms Kwok, prices at the luxury end of the market were hovering at the $5,000 per sq ft level two months ago.

  But now Sai Kung prices had jumped by 30 to 40 per cent.

  Other high-class residential properties in Hong Kong had doubled in price during the same period, she said.

       Part of the reason for the rapid increase in prices was that investors were looking for good investments.



Sky-high prices continue to rise