Built for Swire Properties Ltd. (1972), the structure cost HK$27,000 ($3,477) per square foot to construct, including land premium. A standard high-rise apartment in the city can cost as little as $HK4,000 per square foot to build, according to Swire Properties Chief Executive Officer Martin Cubbon.
Each unit averages about 6,000 square feet. Cubbon declined to provide figures until marketing begins by the end of this month. He expects most flats to be rented, though “if someone writes us a big enough check,” he says, Swire will sell too.