Swire Properties, one of Hong Kong’s largest developers, is set to start selling homes in its 850-unit, three-tower project on Hong Kong Island, its largest residential development in 20 years.
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The company said it would unveil the price list for the flats at The Headland Residences in Chai Wan, which range from one to three bedrooms with areas from 400 sq ft to 1,400 sq ft, in the coming days. The project is developed jointly by Swire Properties and China Motor Bus Company.
The launch, which would have two phases, came at a good time, according to Adrian To, director of residential at Swire Properties, one of the city’s largest commercial landlords.
“We have topped out the development already, and the market sentiment has improved quite a bit in the past six months,” he said in a press briefing on Wednesday, noting “strong responses” from potential homebuyers that visited the project’s showroom.
The project is one of the largest residential projects on Hong Kong Island in recent years.
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Last year, CK Asset Holdings launched the 1,200-unit Blue Coast project in the island’s southern Wong Chuk Hang district. In January, New World Development launched the 388-unit State Pavilia, the first phase of its redevelopment project at the site of the former State Theatre in North Point.
The city’s housing market has shown early signs of recovery. Buying interest in the first-hand market improved in the first seven months of the year, with 5,981 flats sold, according to Midland Realty.