Swire Properties set to start selling Hong Kong’s largest residential project in 20 years
Developer says launch of 850-flat Chai Wan project comes as market sentiment has ‘improved quite a bit’ in the past six months
Swire Properties, one of Hong Kong’s largest developers, is set to start selling homes in its 850-unit, three-tower project on Hong Kong Island, its largest residential development in 20 years.
The company said it would unveil the price list for the flats at The Headland Residences in Chai Wan, which range from one to three bedrooms with areas from 400 sq ft to 1,400 sq ft, in the coming days. The project is developed jointly by Swire Properties and China Motor Bus Company.
The launch, which would have two phases, came at a good time, according to Adrian To, director of residential at Swire Properties, one of the city’s largest commercial landlords.
“We have topped out the development already, and the market sentiment has improved quite a bit in the past six months,” he said in a press briefing on Wednesday, noting “strong responses” from potential homebuyers that visited the project’s showroom.
The project is one of the largest residential projects on Hong Kong Island in recent years.
The city’s housing market has shown early signs of recovery. Buying interest in the first-hand market improved in the first seven months of the year, with 5,981 flats sold, according to Midland Realty.