Cheung Kong launching luxury condominium at West Coast

Hong Kong property giant Cheung Kong is launching a luxury condominium at West Coast.

It is hoping to ride on the bright outlook for the high-end residential property segment, with an expected pickup in the leasing market and demand from expatriates.

This latest project by Cheung Kong promises to stand out from neighbouring developments.

When completed, the waterfront condominium will be the only luxury residence in the area. And it will comprise an unusual mix of strata terrace homes and apartment units.

Cheung Kong is optimistic the project will attract interest.

Cannas Ho, sales manager, Cheung Kong, said: “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.

“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.”

While small-sized units are popular among investors, they will not be found at the Vision. Cheung Kong has opted for relatively larger units with three to five bedrooms.

Some analysts said this may make it less attractive to investors.

Colin Tan, Head of Research and Consultancy, Chesterton Suntec International, said: “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.

“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 leasehold and will be initially priced at about S$1,000 to S$1,200 per square foot.

The strata terraces will be sold on a “best offer” basis from interested parties.

The first phase of some 100 units will be launched this Friday, and completion is scheduled for 2015.

Source: Channel News Asia, 10 Mar 2010