VANCOUVER Land Corp, a property firm backed by 29 union pension funds in British Columbia, is building a massive residential town in Greater Vancouver at a cost of more than C$150 million (about HK$862.8 million).
The Collingwood Village project is being developed on a 9.3 hectare site and will comprise 12 high-rise residential blocks and more than 1,000 low-rise condominium units on completion in 2003.
John Chan, chief executive of the project's marketing agent Knight Frank Kan & Baillieu, said the Vancouver company aimed to provide 'affordable' residential accommodation at reasonable prices.
He said it was selling 238 units at MacGregor Tower to investors from Hong Kong at an average of about HK$1,200 a square foot.
The market prices for average homes in Vancouver ranged from HK$1,260 to $1,380 a square foot, he said.
Describing the Vancouver property market as promising, Mr Chan expected the Collingwood Village units would command a rental yield of fo ur to 4.5 per cent.
