Hk flats tipped to debut at record prices

The developers of a luxury residential project in Island South hope to ride the wave of demand for upmarket properties and launch their project at record prices for the area as early as next month...

Larvotto, located on the east Coast of Ap Lei Chau, comprises nine 34- to 37-storey residential towers. Its 715 flats will range in size from 1,000 sq feet to 2,600 sq ft and the first batch will be pitched at prices above HK$60m each.

"We will initially offer 25 units only in Towers One and Two next month or in April. The sizes of the units range between 2,400 and 2,600 sq ft and the average price will be about HK$25,000 per sq ft," said Victor Lui Ting, executive director at Sun Hung Kai Real Estate Agency, a subsidiary of Sun Hung Kai Properties.

That will put an entry-level price tag of HK$60m on the project,

Source: South China Morning Post