END-USERS, including multinational corporations with offices on the mainland, are expected to purchase luxury residential accommodation in a three-tower complex in Beijing. Two-to three-bedroom apartments in Parkview Tower, east Beijing, are being offered to buyers in Hong Kong this week. Units ranging in size from 1,764 sq ft to 3,860 sq ft are to be sold at a starting price of $1,500 per sq ft. The sale price compares favourably with an average $2,200 per sq ft for luxury residential accommodation in the Chinese capital, according to property consultant Colliers Jardine. Most of the units, including all the apartments in Tower One, have already been sold by the developer in Beijing to end-users as well as some investors. Those remaining go on sale in Hong Kong. According to a China market specialist at Colliers Jardine, the supply situation in the residential sector in the Chinese capital was stretched by the rapid increase in expatriate staff of overseas firms setting up offices there to facilitate business activities. Last year, there were more than 200,000 expatriate workers in the Chinese capital, surveys show. The spokesman said: ''In this climate, the popularity of luxury residential property can rarely fail.'' The developer of the residential complex, Beijing Chun Yuan Real Estate Development Company Limited, is a joint-venture company. Its foreign partner is Taiwanese. Parkview Tower has three 20-storey towers and is located in the upmarket Chao Yang district where there are many Chinese government residences and foreign embassies. There are 264 apartments in the towers. The largest of the residential units are luxury duplex penthouses with high ceilings in the living rooms. Apartments are fitted with satellite TV, air-conditioning and imported interior decor. During earlier pre-sales, purchases were largely made by end-users. ''Buyers were mainly overseas manufacturers and large corporations. More than 70 per cent of the units were purchased as staff quarters for their China operations. One Japanese corporation bought more than five apartments,'' the spokesman said. ''With limited supply of accommodation and the rarity of new, solely residential accommodation, we expect a high proportion of units to again sell to end-users.'' The spokesman said only a few buyers sought the complex's luxury apartments for investment purposes. The residential tower development is scheduled for completion by the end of next year. Across from Parkview Tower are lakes that are a part of the huge Chao Yang Park, as well as botanical gardens and a golf course. Colliers Jardine has been contracted to manage the property. The realtor's services involve security and maintenance of common amenities and recreational facilities such as the health club, swimming pool, jacuzzi, tennis court, children's playground and function rooms. Parkview Tower's luxury residential accommodation will be pre-sold in Hong Kong from Saturday until Monday.
