Swire Properties fails to sell HK$470 million Opus luxury unit

Swire Properties failed in its bid this week to attract a buyer for a unit in its super-deluxe apartment tower, Opus, at a record-breaking reference price of HK$86,892 per square foot.

Up for tender was a 5,409 sqft unit on the 11th floor of the residential tower in the Mid-Levels at a price tag of HK$470 million. On a per-square-foot basis, that would have made it the most expensive apartment ever sold in Hong Kong.

But bidding fell short of the reference price and the unit was withdrawn from sale.

"The bids received did not reflect the true value of Opus. Therefore, we have decided not to accept any bids," a company statement said.

Rival developer Hutchison Whampoa fared better, however, with the sale of a third super-deluxe free-standing house at 28 Barker Road on The Peak for HK$530 million.

The 5,692 sqft House No2 included a 1,214 sqft flat roof, a 654 sqft garden and two parking spaces. The HK$530 million price tag worked out at HK$93,113 per square foot.

Inclusive of the latest sale, Hutchison has now raised HK$1.8 billion from the sale of just three houses in its Barker Road project in less than a month.