Cheung Kong, a Hong Kong property developer, is set to launch a luxury condominium at West Coast.
With an expected recovery in the leasing market and demand from expatriates, it remains upbeat for the high-end residential property segment.
This latest development by Cheung Kong is expected to stand out from other neighbouring projects.
Upon completion, the waterfront condo will be the only luxury residence in the area, featuring an extraordinary mix of apartment units and strata terrace homes.
Cheung Kong is positive that the project will draw interest.
“We see this need and demand for high-end residences in this area. And also, there are new developments coming up, just like Sentosa Resorts World, which is just 10 minutes drive from our site, and also there will be a new commercial hub called One North nearby, and there are lot of international companies, IT companies,” said Cannas Ho, sales manager at Cheung Kong.
“The leasing market is very strong in this area. There will also be the new Circle Line station just around, and this also further enhances the leasing value of this property.”
Cheung Kong has preferred relatively larger units with three to five bedrooms, although small-sized units are more popular among investors.
According to some analysts, this may make it less attractive to investors.
“The market now is dominated by investors, so if your project is tailored towards investors, you will do well. In this market, I wouldn’t say the price is too much of a hurdle, but maybe the unit sizes,” said Colin Tan, Head of Research and Consultancy at Chesterton Suntec International.
“Normally for developers who are aiming at the investors market, they tend to make the unit smaller. In this case, these units are a bit larger than the usual sizes, so that may pose a problem for some investors. Investors generally tend to prefer smaller projects, because they feel that it is easier to flip over.”
The Vision is sold on a 99-year lease period and will be initially priced at around $1,000 psf to $1,200 psf.
The strata terraces will be sold on a "best offer" basis from interested parties.
The first phase of some 100 units will be launched on 12 May 2010, and completion is slated for 2015.