Kerry Properties will release some 400 units in the Lions Rise residential project for sale and is confident that they will be sold out, allowing the developer to raise approximately HK$5 billion.
Chu Ip-pui, Executive Director of Kerry Properties, revealed that 350 to 400 units will be released in the market, representing 40 percent of the 968 units extended across five towers in Wong Tai Sin.
Units at the project, which are mostly two- and three-bedroom homes ranging from 640 to 1,276 sq ft, are priced between HK$9,998 psf and HK$14,942 psf.
So far, Kerry has drawn over 10,000 people to its showrooms.
Mr. Chu noted that the response of the market will determine whether prices will increase.
“We should be able to cash in HK$10 billion when all the units are sold,” he said.
He believed that the 80,000 sq ft shopping arcade in Lions Rise could reap HK$4.8 million a month in rent and approximately HK$60 million for the whole year.
Currently, Kerry Properties is negotiating with a Japanese supermarket for it to become an anchor tenant.
To contact the journalist, you may send your message to editor@propertyguru.com.sg