Good response spurs wider Royal Peninsula project sale

A Hunghom residential project has received a strong response from buyers over the weekend, prompting the developers to increase the number of flats for the forthcoming public sale.

The Royal Peninsula project, a joint development by Sun Hung Kai Properties and Henderson Land Development, sold 60 flats through internal sale on Saturday, generating nearly $300 million, a Sun Hung Kai spokesman said yesterday.

The project is the first residential development to be put on offer after last week's land auction.

It is also the largest residential project to hit the market recently. The sale is being closely watched as a market barometer.

The spokesman said the developers had decided to increase the number of units available for public sale from 26 to 65 after the good response to the internal sale.

The public sale will begin on October 30.

The spokesman said the price for the additional 39 units had not been decided. The first 26 units will be offered at $4,713 per square foot.

Royal Peninsula is a serviced apartment project with five blocks and 1,669 units. It will be ready for occupation by June 2001.

Sun Hung Kai Real Estate Agency executive director Alfred So Chung-keung estimated the Royal Peninsula project would generate about $10 billion in revenue for the developers if all 1,669 units were sold.