The consortium led by Sun Hung Kai Properties yesterday released its new policies to enhance the transparency of sales at its new Larvotto project, a luxury residential development in Ap Lei Chau that will begin sales on July17. Andy Chan, senior sales and marketing manager at Sun Hung Kai Real Estate Agency, a subsidiary of Sun Hung Kai Properties, said the company will comply with new guidelines issued by the Real Estate Developers' Association. 'We have also released new policies to improve the sales,' he said. Under the new policies, buyers will only be able to purchase one flat and won't be permitted to resell the unit before its completion date. Chan said all information about the project would be available on its website. The company will also provide computers at its sales office at One International Finance Centre in Central with information about the project. To ensure property agents comply with the new procedures, the developers have issued sales guidelines and produced a training video. 'The expenses incurred under the new rules will be higher,' said Victor Lui Ting, executive director at the firm. 'But developers, buyers and the property market will benefit as long as sales transparency is improved.' Larvotto comprises nine 34- to 37-storey residential towers. It provides a total of 715 flats ranging in size from 1,000 square feet to 2,600 square feet. Lui said there will be at least 50 units in the first batch for sale. The price list will be released on Monday. The developers said they were expecting record prices for the area. The 3,920-square foot duplex flat at the top floor of block 2 will be priced at about HK$160 million or HK$40,816 per square foot. Another special unit, with a floor area of 3,366 square feet, will be priced at HK$120 million or HK$35,651 per square foot. The asking prices of the 2,600-square-foot units are about HK$25,000 per square foot. The project, developed by Sun Hung Kai Properties, Paliburg Holdings and Kerry Properties, is scheduled for completion in March. Kerry Properties is controlled by the Kuok Group, the controlling shareholder of the SCMP Group, which publishes the South China Morning Post. Sun Hung Kai and Kerry Properties each hold a 35 per cent stake in the venture. Paliburg holds the remaining 30 per cent. Shares in Sun Hung Kai Properties rose 2.43 per cent to close at HK$109.70 yesterday, while Kerry Properties rose 4.61 per cent to HK$36.30. Paliburg's shares rose 1.42 per cent to HK$2.86.
