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Sandy Li

Swire Properties is set to begin the sale of its Miami luxury residential project in Hong Kong as investors increasingly turn overseas with the government imposing tougher rules to curb investment demand.
The developer announced the price list for the first batch of 20 apartments, with sizes of 982 to 1,852 square feet in saleable area, at the 43-storey Rise.
Prices range between HK$5.16 million and HK$11.62 million, or HK$5,254 and HK$6,274 per square foot - cheaper than the average of HK$7,100 per square foot for homes in Tin Shui Wai.
The 373-unit Rise is one of the two condominium towers at Brickell City Centre, a massive HK$8 billion mixed-use development in downtown Miami.
"It is the first time we will open the Miami project for sale in Hong Kong," said Maile Aguila, a senior vice-president at Swire.
The company has an investment history of 36 years in Miami.
As of now, 65 units at Rise have been sold for about US$672 per square foot, 5.99 per cent higher than the transaction prices at the other tower, Reach, which was offered in May last year. Swire has sold 304 flats at Reach.
The decision to launch sales in Hong Kong followed the strong demand in the United States and from international buyers for Reach, which is now almost 80 per cent sold, Aguila said.
Centaline Property Agency has been appointed the exclusive agency for the sale of Rise in Hong Kong.
Denis Ma, the head of research at JLL, noted growing interest for overseas properties since the government raised stamp duties to curb investment demand.
"The strengthening of the Hong Kong and US dollars is also one of the drivers for buying foreign properties. We have seen more Hong Kong investors looking for properties in Europe, Australia, Canada and Japan," he said.
The euro has lost more than 20 per cent against the greenback and the Hong Kong dollar from a year ago, while the yen has fallen by a third, making properties in Europe and Japan more affordable for Hong Kong buyers.
Ma said most people buying homes in Britain, the US, Australia and Canada were motivated by the fact that many of their children studied there.
"In the next 12 months, more overseas projects will be targeted at Hong Kong buyers," he said.


Swire to offer Miami luxury home project in Hong Kong

The HK$8 billion mixed-use development Brickell City Centre in  Miami. Photo: SCMP Pictures

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Swire to offer Miami luxury home project in HK


.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Swire to offer Miami luxury home project in HK

Swire to offer Miami luxury home project in HK