Tai Hung Fai Enterprise, a small property developer, plans to launch its first luxury-home project in Ho Man Tin this year, with flat prices pitched at about HK$20,000 per square foot.
Some market watchers say the pricing is quite aggressive.
The developer - whose real estate investments include offices, hotels, serviced apartments, and industrial properties - said Kadoorie Lookout at 110 Argyle Street, Ho Man Tin, will be pre-sold in the second or third quarter of this year.
'There aren't many new projects in the area and therefore there is a lot of pent-up demand,' said Edwin Leong Siu-hung, Tai Hung Fai's chairman.
The single-block development comprises 55 flats including two- and three-bedroom units, four of which are duplexes of about 3,000 square feet each. The size of the remaining flats will range from 900 to 1,500 square feet.
Leong said in view of the sale prices of secondary flats at 15 Ho Man Tin Hill, flats in Kadoorie Lookout would be marketed at about HK$20,000 per square foot - meaning they will cost HK$18 million and upwards.
The tower is next to the Kadoorie Hill, where luxury homes have long attracted celebrities, according to Leong. It is located a few minutes' walk from the Mong Kok MTR station and the district has 34 prestigious schools.
