But you need more money for the
lifestyle of the seriously rich in Hong Kong. Take a peek at
this offering in Deep Water Bay. >>
DOUBLE CLICK Does life
get more sweet? This is the viewpoint from the Barker Road Tram
station. Remember the scene from Han Su-Yin's Love Is A
Many Splendoured thing? Thanks Mom for introducing
her books to me. i have lived her life and beyond.
Rich China buyers driving up prices by
There's a lot of liquidity out there
caused by QE2. No one really wanted to repatriate the money
from America but it has become clear that president Obama and his team are
unable to earn the respect to request extension on U.S. credit.
Kong is busy with its own success as an entrepot to China with rule of law
and 89 private banks. The SAR's growth is at 6.7%.
Hong Kong continues as the 'Geneva of China felt at the consumer level
throughout the world. Conspicuous consumption to demonstrate
they have achieved Succe$$ and are Rich.
Wealthy people have a choice of where
to invest their money. Hong Kong people are proud that there is a pool of serious
rich confident enough in Hong Kong's prospects to pay princely sums
for property in the territory. Hong Kong has the potential to
be the 'Geneva of Greater China' as an entrepot to China but also centre
of culture and society.
The marketplace is dynamic and there
are definitely opportunities for the astute eye who know when and how
to buy which product type. In addition, in this market especially
for long term value and capital appreciation, attention to detail, quality
and reputation of the developer is essential.
- - ANDREA
ENG, Founder of REAL
ESTATE FUND MANAGER .com
HK's Peak residential prices at decade
Property prices on The Peak, most
expensive residential area on the Hong Kong Island, experienced the biggest
drop since the Asian financial crisis 10 years ago, according to local media
The prices slumped 41.4 per cent in the
final three months of last year compared with the previous quarter. The fall
was the biggest on record in Hong Kong's luxury real estate market,
underscoring the seriousness of the global economic slump, the South China
Morning Post reported.
In the final three months of 1997, prices
on The Peak fell only 16 per cent, property consultant CB Richard Ellis
said, though it cautioned that a slump in sales meant one big transaction
could skew its figures.
'Prices on The Peak have increased most
rapidly over the past few years and that's why they dropped the most once
the market entered a down cycle,' said Margaret Ng, a senior director at the
Ms Ng said prices on The Peak rose 27 per
cent between the last quarter of 2007 and the second quarter of last year,
to an average of about HK$327,373 (S$64,555) per square metre.
'The economic outlook is still uncertain.
The effect of the economic rescue packages may be seen in the second half of
this year. We have to wait and see,' she said.
Simon Lo Wing-fai, a director at property
consultant Colliers International, said fewer than 10 homes priced at HK$15
million or more had been sold citywide each week since the onset of the
global financial crisis. He said that 30 to 40 luxury homes were being sold
every week before the start of the crisis.
Average luxury residential prices fell to
about HK$118,611 per square meter in December, returning to September 2007
levels, he said, expecting that prices will drop 15 to 20 per cent this
Adrian Ngan Wai-hung, an executive
director of research at CCB International Securities, believes property
prices will drop a further 5 to 10 per cent in the short term but that they
will stabilise in the second and third quarters of the year.
-- 2009 February 19 XINHUA BLOOMBERG
Victoria Peak home sold for record HK$230m
Chinese tycoon Hui Wing-mau has bought
a mansion on Victoria Peak for HK$230 million (S$53.8 million) in one of Hong
Kong's biggest property deals in recent years, the Hong Kong imail reported
yesterday. Mr Hui's firm Dong Jian Tech.Com Holdings, through a wholly-owned
subsidiary, has entered a purchase agreement with the Bank of East Asia to
acquire Genesis, a 27,000-square-foot home in the exclusive district overlooking
the territory's famed Victoria harbour, the newspaper said.
Mr Hui was cited as saying the
property would be held for investment purposes and would be explored for its
redevelopment potential and value. He was ranked the fifth richest man in China
by Forbes Magazine. Mr Hui reportedly found his fortune in property in Shanghai
The Bank of East Asia seized the
property from Pearl Oriental Holdings Ltd after the latter could not repay a
debt of HK$326 million. Pearl Oriental reportedly paid some HK$546 million for
the palatial mansion in 1997, which was said to be a record price before the
value of properties plummeted after the Asian financial crisis.
Hung Kai and partners Kerry Properties Ltd and Paliburg Holdings Ltd said
they were putting the apartments in the Ap Lei Chau district up for sale for
between HK$15,811 per square foot and HK$22,500 psf, a record for the
units in Bel-Air, a luxury project in the nearby Pokfulam district, are
selling for 'similar prices' to Larvotto, according to
chief analyst at property agency Midland. New
developments in the area will probably sell at a minimum of HK$15,000 psf,
residential prices in the Island South district, which includes Repulse Bay
and Stanley areas, grew 2.5 per cent in the second quarter, after rising by
nearly 35 per cent in the previous nine months, according to property
consultant Knight Frank LLP.
homes are those at least 1,000 square feet (93 sq meters) or costing at
least HK$10 million.
at Larvotto, which has 715 units, will be around 1,500 to 2,500 sq ft.
Larvotto is the name of the main public beach in Monaco.
Kong developers sell units in developments in batches instead of offering
them all at once to gauge demand and take advantage of rising prices.
- 2010 July BLOOMBERG
Severn 8, arguably Asia’s most
expensive home, is leading the price plunge of the luxury housing sector,
with a loss-making deal recorded last week. Another popular luxury housing
estate Hong Kong Parkview has also seen prices dipping to below HK$10,000
per sq ft, a 30 per cent decrease from last month, or a record low in four
years. Some landlords desperate for cash are also underselling luxury
properties atop Kowloon Station. -APPLE DAILY 28.10.2008
Record Price for The Peak & Asia
A SHKP-built house on The Peak has just sold for
HK$57,000 per square foot - a record for Asia as well as Hong Kong.
The executive director of Sun Hung Kai Real Estate
Agency, confirmed House 2 of Severn 8, with a gross floor area of 5,067
square feet, has been sold for HK$285 million.
SHKP has built 22 houses in the residential
project with gross floor areas ranging from 3,330 sqft to 5,100 sqft. All
but one - House 23 - has been sold.
It was revealed that
SHKP is now considering raising the price tag on the remaining property by
Property agents say a bank order of HK$1 million
is required as a deposit just to take a look at the house.
The previous record transaction in Asia's property
history was set by House 15 in the same development. It was sold for HK$240
million, or HK$55,491 psf.
Analysts say the record-breaking transaction would
have little effect on the housing market as a whole.
"Land supply on The Peak is very limited, so
the price is only going to go up as demand remains unabated," an
"An investor should look at The Peak as a
separate market and not take it as a reference for the property market in
general." - 2008 June 2 THE
with HK Victoria Harbour view sold for $39m
A luxury flat in Hong Kong has been
sold for HK$225 million, the most expensive apartment per square foot
(psf) ever sold in Asia, a newspaper report said yesterday.
The 80th floor penthouse with a
private swimming pool and spectacular view of Hong Kong's Victoria
Harbour sold for HK$41,000 psf, a report in the Sing Tao Daily said,
citing an unnamed real estate source.
The 5,497-sq-ft flat, with its own
roof-top terrace, is in a new complex called The Arch, in Hong Kong's
It is not known if the buyer is a Hong Konger or foreigner.
The Arch is close to a
yet-to-be-completed office tower, the International Commerce Centre.
The new tower is attracting
multi-national companies away from the central business district,
where rocketing property prices have scared away even the world's
The flat's price beat the record of
HK$39,800 psf set last November for a larger apartment on Hong Kong
island, according to the report.
Hong Kong's property market has
boomed in recent years, following a major crash during the Asian
financial crisis in the late 1990s.
The record price of the Kowloon
apartment came amid a global report published yesterday that investors
are pouring funds into Asian property, as they lose confidence in the
United States and European property markets due to the credit crisis.
The Financial Times reported that property investment in Asia grew by 27 per cent to US$121 billion last year.
- 2008 June AFP
HK houses going for HK$300m
Supply squeeze on luxury homes seen driving up prices by 25% this year
Houses at The Peak are fetching close to HK$300 million (S$53 million), and are
still rising. This epitomises Hong Kong's very hot luxury property market,
which is facing a tight supply squeeze. As a result, prices for top-tier
homes are expected to skyrocket by 25 per cent this year alone.
Grand view: Fewer than 200 homes are expected to become
available in ultra-high-end residential areas such as The Peak and
the South Side. Mainland Chinese are among top buyers of
In what is likely the most supply-challenged year since 1997, fewer than
200 units are expected to become available in ultra-high-end residential
areas such as The Peak and the South Side, where prices for standalone
houses are going for nearly HK$300 million.
In the last quarter of 2007 alone, luxury residential prices at The Peak
rose by 11.8 per cent, according to data from property group Colliers
International (Hong Kong).
The property firm anticipates growth of 25 per cent in the luxury sector
this year. Moreover, supply is unlikely to become better next year and in
2010, it notes.
According to Ricky Poon, executive director of sales at Colliers in Hong
Kong, prices at the top end of the market are already outstripping those
seen during the previous property market highs of 1997.
'In the super-luxury home area (where properties fetch HK$100 million and
above), the prices are transcending the overall luxury market price,' he
noted. This would include houses that are in scarce supply in areas such as
The Peak - in October, for example, one house there sold for HK$296 million.
'There is limited land supply . . . all the developers are hungry for the
prestigious locations,' Mr Poon added.
Some developers have tried to trigger land sales by putting in
applications for plots with the government, but the requests have been
'The government has a high expectation for these types of locations,' Mr
Poon explained. 'They expect more money for it.'
He said that the situation is unlikely to improve in the next three
years, leading to a situation where stock will fall to as much as 59 per
cent below historical averages.
On The Peak, for example, Colliers expects just 18 new houses to become
available this year. On the South Side, it expects 11 new units to be
completed during the year, while the Mid-Levels is likely to see 165 units
The real estate firm estimates that just under 1,000 units in the
residential sector will be completed in 2008, the majority being in the
Residence Bel Air complex near the Cyberport development.
According to Mr Poon, among the top buyers of the super-luxurious homes
are mainland Chinese. 'I would say 50 to 60 per cent are mainland Chinese,
and the rest are mainly second-generation wealthy or celebrities, with a few
expatriates,' he said.
Hong Kong's property market has seen a significant upswing on the heels
of buoyant stock market activity and the Fed's series of interest rate cuts.
And as inflation in the city increases and rents are pushed upwards,
people are opting to buy into the residential sector.
In November, the number of sale and purchase agreements for residential
units rose to 15,759, the biggest number of transactions in a single month
since July 1997.
In the luxury sector, the number of sale transactions exceeding HK$10
million saw growth of 40 per cent between September and November compared
with the year-ago period.
- 2008 March 17 BUSINESS
residential market turned active since 4Q 2006.
"The luxury market is more sensitive than the
mass market to interest rate cuts," said associate director of a local
property agency's research department. "Because we have negative real
interest rates, money will switch to the property market ... for
investment," he said.
The average selling price for a mass- market
apartment in Kowloon of 70 to 99.9 sq m was HK$94,188 per sq m in December
2007, up 64 percent from a year earlier. The average price for a mass-market
apartment on Hong Kong Island rose 44 percent to HK$99,313 per sq m.
Meanwhile, rental prices in the private property
market grew 10.9 percent for all of 2007, compared to an 11.5 percent
increase in purchase prices.
Private property prices rose
an average of 11.5 percent last year, led by the luxury market, as
interest-rate cuts created a negative real interest rate environment and
lowered homebuyers' monthly mortgage payments.
Luxury apartments with a gross floor area of more than 160 square meters rose the most, according to figures released yesterday by the Rating and Valuation Department.
On Hong Kong Island, the average selling price in December 2007 for apartments in that segment was HK$209,368 per sq m, up 87 percent from HK$111,958 in December 2006.
In Kowloon, luxury apartments sold for an average HK$168,591 per sq m in December 2007, up 61 percent from HK$104,510 a year earlier. Prices in the New Territories luxury market rose 43 percent.
- 2008 February 15 THE STANDARD
Properties in HK$50m-HK$100m range particularly popular now
Luxury rents in Hong Kong are soaring to
new highs, with monthly payments hitting as much as HK$500,000 (S$97,000),
as demand from financial services professionals shows no sign of abating.
The peak: Luxury
rents in Hong Kong are soaring to new highs, with monthly rents
hitting as much as HK$500,000
Prime residential sites on the Peak and
the south side of the island are being leased for up to HK$500,000 a month,
with the luxury sector already up around 10 per cent in the first six months
of the year.
According to property experts, there is
still more room for growth this year as supply remains tight and
professionals in the financial services industry with very large budgets
continue to flood into the city.
As Ricky Poon, a director at Colliers
International, explains, it used to be that the top-priced properties were
standalone houses on individual plots.
However, today, houses that are part of a
larger complex of properties are able to hit the HK$500,000 range. 'It's
lack of supply,' Mr Poon says. 'If you want something very grand and super
luxurious - and a house - there's no supply at all.'
Developers have been fast to buy up land
on the Peak over the years and they place up to five or six individual
houses on the plot, rather than just one mega structure. 'They can call this
a single number plot, but it still has five houses on the lot ... but these
are still very expensive houses,' adds Mr Poon.
The property firm is forecasting a rise
in rents of 10 to 15 per cent this year as a whole. There's also a lot of
expatriates coming to Hong Kong, 'so we are seeing a lot more demand', he
Summer is traditionally the busiest time
for luxury leasing in Hong Kong as families move to the city in time for the
new school year starting in September.
The issue of school places, however,
still remains a thorny one for policy-makers, as international supply is
tight and families are forced to put their children on waiting lists.
There have also been reports of
million-dollar dividends being paid to secure a place as Hong Kong struggles
with its supply of international school places. The options for families are
either to enrol their child in a private school, or secure a place at the
English Schools Foundation, which is subsidised by the government.
In the past year in particular, as more
expatriates come to the city, places have become scant.
Office rents in the city are likewise
still on a roll: the iconic International Finance Centre 2, which started
leasing at the height of Sars in 2003 at just HK$25-35 per square foot, is
now fetching rents of more than HK$100 per square foot.
Luxury sales are still rising, with
properties in the HK$50 million to HK$100 million range particularly popular
at the moment. 'We're still seeing a lot of buyers out there who like a good
location and get these properties for their own use,' Mr Poon explains.
In terms of the mass residential sector,
the market is slowly improving but still remains up to 30 per cent off the
prices in 1997, when the property sector as a whole last saw its major high.
According to the Land Registry of Hong
Kong, property transactions in July were valued at a total of HK$38 billion,
up 118.8 per cent from a year earlier but still down 3.4 per cent from June.
The number of transactions was up 67 per
cent from a year earlier at 11,121, but down 7.2 per cent on June's figure.
Of the 11,121 sale and purchase agreements in July, 9,188 were for
residential units - a drop of 4.8 per cent compared with June, but a rise of
70.2 per cent over the past 12 months. -
by Jane Moir SINGAPORE
2007 August 4
Luxury homes sector sees increasing capital values
The luxury residential sector in Hong Kong has continued to perform
spectacularly with a series of transactions achieving further increases in
While agents say the recent record-breaking deals in luxury units are
unlikely to have a knock-on effect on mass home prices, they hoped the boom
in the sector will strengthen buying confidence and drive up sales in the
primary mass housing market.
Last week, a buyer set a record for luxury flats when he paid HK$128.2
million or HK$33,300 per square foot for a 3,860 square foot penthouse with
rooftop at Cheung Kong Group's Legend in Jardine's Lookout.
Earlier this month, one of the 22 houses at 8 Severn Road on the Peak,
developed by Sun Hung Kai Properties, fetched a record HK$38,500 per square
foot in Hong Kong's residential market.
Ivan Ho, the managing director of Ricacorp Properties, said the luxury
residential sector outperformed other sectors due to limited supply.
Many people have been lured to the luxury housing market in the last few
weeks after making a killing in the recent stock rally or getting higher
salaries due to the improved economy, he said.
Although the luxury market has become active, Mr Ho believes the positive
impact on the mass residential market is limited due to abundant supply that
is expected to last through the next few years. He expects the gap between
mass and luxury residential prices to widen more.
But agents said the property market had regained much of its growth
momentum after a year of market consolidation, with some cash-rich buyers
paying record prices for luxury homes and new projects springing up all over
More than 10 new residential projects recorded brisk sales at the weekend
as buying confidence grew.
Colliers International research director Simon Lo Wing-fai said primary
and secondary sales of residential units worth below HK$2 million became the
focus of activity after the government reduced the stamp duty to HK$100. But
he said he had yet to see the spill-over effect of record prices set by the
luxury residential market on the mass housing sector.
Fredy Wu, the chief executive of Hong Kong Property (Services) Agency,
expects to see a 30 per cent rise in transaction volume in the market for
small to medium-sized flats.
But he said prices for mass housing units would rise 3 per cent to 5 per
cent this year, against a double-digit growth for luxury homes.
End-users buy homes due to genuine demand and improved affordability
rather than because of one or two property transactions that fetched record
high prices, he said.
At the weekend, about 400 new units with prices ranging from less than
HK$2 million to HK$40 million each had been sold, a 50 per cent increase
from a week ago, agents said.
While SHKP sold 200 units at Manhattan Hill in Lai Chi Kok, buyers
snapped up all 119 units at Henderson Land Development's mass residential
development, the Verdancy in Yuen Long.
Bel Air Residence in Pok Fu Lam also registered strong sales.
The chairman of Centaline (Holdings), the parent of
Centaline Property Agency, said a strong rebound in the secondary market
very much depended on whether buoyant sales in the primary market could be
sustained for the next few months.
For the past few weeks, sales of new projects showed improvement amid
news that some special units at select luxury residential projects had been
achieved high prices, he said.
- by Sandy Li and Yvonne
Liu SOUTH CHINA MORNING POST 28 March
With a prime site on the Peak recently
being auctioned for a record sum, globally speaking, Hong Kong luxury
housing sales look set for a stratospheric rise in 2007. Property players
are expecting up to 20 per cent increase in luxury residential sales this
year as demand for up-market homes continues to soar amid limited supply.
Higher and higher: A new
record was set with the government sale of a prime Peak site to Sun
Hung Kai Properties for HK$1.8 billion
Recent land auctions have signalled
robust appetites among investors for luxury housing: in December, a new
record was set with the government sale of a prime Peak site to Sun Hung Kai
Properties for HK$1.8 billion (S$354 million), making it the most expensive
site in the world.
The developer plans to invest more
than HK$2.5 billion to erect 10 detached houses on the site. The price paid translates to HK$42,196 per square foot (psf), the
highest so far paid for land in Hong Kong.
For Hong Kong, Colliers International director of
residential sales Ricky Poon believes a 'super luxury homes' sector is being
created, where residential properties are fetching more than HK$100 million.
He says that the previous highs seen during the
property bubble of 1997 are easily being surpassed. 'If you compare it to
1997, at that time these kinds of houses were selling for HK$60 million to
HK$80 million. A lot of these super luxury places now are going for HK$150
million to HK$160 million or even HK$200 million,' he points out.
These high-end properties are usually concentrated
in prime locations, such as the Peak or Deep Water Bay along the southern
coastline, where supply is tight. While luxury sales saw an increase of
about 5 per cent in 2006, Colliers expects growth of between 15 and 20 per
cent this year, pushing the sector to new highs and widening the gap between
the high-end and mass residential units.
Stellar economic growth, low unemployment and a
freeze in interest rate hikes are contributing to Hong Kong's healthy
housing environment, but it is the rise in high net worth individuals
tapping the city's assets that is fuelling the luxury sector.
'It's mainly people from the mainland,' Mr Poon
says. 'We are also seeing some of the expatriates from the investment
banking sector, especially if they have very good bonuses.'
A recent research note by property firm Knight
Frank also points to 'uber-rich' individuals in the region who are including
a Hong Kong luxury property in their portfolio. For example, in November, an
Asian manufacturer bought a new house on the Peak at a new high of more than
Home prices in Singapore have similarly climbed as
investors fork out increasingly higher sums of money for choice units in
luxury developments. A penthouse unit at Marina Bay Residences sold for as
high as $3,400 psf in December.
In Hong Kong, Knight Frank expects the luxury
residential property to be the best-performing sector this year, with
average prices growing by 15 per cent to 20 per cent.
Property fund manager Peter Churchouse also points
to wealth creation on Hong Kong's doorstep as China's manufacturing industry
continues to grow. 'These people weren't as rich or wealthy 10 years ago,'
Developers themselves are betting on a healthy
rise in luxury prices in 2007, according to Andy So, a property research
analyst at Core Pacific Yamaichi. 'It seems the developers are very
bullish,' he says, pointing to the price that Sun Hung Kai Properties was
willing to pay for the Peak site. Given that this was done by auction, other
developers taking part in the bidding would have been willing to pay similar
Mr So, however, cautions that there may be some
speculative buying going on. 'I think if there's no genuine demand there, we
could see some problems over the long term.
'I'm bullish in the short term, but in the long
term I'm definitely more cautious. In the short term, the growth could be
quite drastic, but I think if there's not genuine demand there, in the long
run, growth may slow down if the market at the end of the day realises
He points to the vacancy rate for luxury
apartments which remains quite high, at around 10 per cent, suggesting
end-user demand is not that strong.
In contrast, the mass residential sector is
expected to tread water in the next 12 months. According to a recent Knight
Frank survey, the gap between the premium for a basket of luxury houses and
mass residential properties has widened to 180 per cent in November from 166
per cent a year previously.
Mr Churchouse, a partner at Long Investment
Management, says that he was surprised at the lack of movement in the mass
market. 'The upper end of the market may drive the mid-market at some point.
The gap is wider than I have ever seen it.'
He suggests that the upper range of the mid-priced
housing could post growth of 10 per cent to 15 per cent this year if luxury
prices continue to rise. Prime Hong Kong office rents in the meantime are
also soaring to new highs: a new record has been set for Central commercial
space with rent of HK$150 per square foot being paid at Two IFC in the
- by Jane Moir SINGAPORE BUSINESS TIMES 24 Jan 2007
_ _ _
"With the possibility of an outbreak of war in the Middle East, investors from Europe and the
United States will then switch to Asian cities which have a relatively
stable political environment. Hong Kong's luxury residential market will
therefore benefit," she said.
Sales for Residence Bel-Air could start
as early as Friday, when the show flats would be ready, she said.
Colliers International residential sales
director said the transaction volume of luxury flats would increase by 10
per cent this year, but prices could slide 3 to 5 per cent in the first two
quarters due to ample new supply.
About 500 luxury residential units in
traditional core districts, including The Peak, Mid-Levels and Island South,
would be completed this year, he said.
This was nearly double the average of the
past few years.
"The leasing market will be much
pressured as most of the new completions located in the core areas are for
lease," he said.
He forecasted largely steady prices this
year, but a drop in rentals of 5 to 8 per cent because of supply.
Joseph Tsang, international director at
Jones Lang LaSalle, said investors had been cautious and inactive in
previous months for seasonal reasons, but he expected sentiment to improve
next month after the financial secretary unveils the fiscal budget.
"The possible outcome of a Gulf war
adds short-term uncertainties to the investment market," he said.
Luxury residential prices would be
flat this year, but rentals could drop by 5 per cent as demand from
expatriates contracted, he said.
- Sophia Wong SOUTH CHINA MORNING POST 12 Feb 2003
Peak site sold for HK$42,149 per square foot
Sun Hung Kai Properties confirms buying 0.74 hectare residential site
Hong Kong's government sold a 0.74
hectare residential property on the Peak overlooking the city for a price
that was above analysts' estimates and a per-square-foot record for the
The Mount Kellett Road site is in
one of Hong Kong's most expensive residential districts.
The buyer was not identified at
the sale, the government's fourth for the year.
But a Sun Hung Kai Properties
spokeswoman confirmed it bought the site, sending the company's shares down
2 per cent.
The HK$1.8 billion (S$357.1
million) price is equal to HK$42,149 a sq ft for the land able to be
developed on the site, according to Bloomberg calculations. That is more
than double the previous record from January 1997 of HK$18,357 a sq ft, Hong
Kong property companies said.
The result may push up the price
of Hong Kong's luxury homes, already among the world's most expensive.
Manhattan homes - on Fifth Avenue,
Park Avenue and Madison Avenue near Central Park - cost about US$1,870 a
square foot. In London's Chelsea district, prices average US$2,244,
according to CB Richard Ellis Inc, the world's largest real estate adviser.
'The outcome and the atmosphere at
the bidding showed developers are extremely bullish on the luxury
residential market,' said Ken Yeung, an analyst at BOCI Securities Ltd in
Hong Kong. 'That's probably because of the lack of supply.'
The price was higher than the
median estimate of HK$1.19 billion of five analysts surveyed by Bloomberg
News. It was 134 per cent more than the opening bid.
The government is one of Hong
Kong's largest suppliers of unoccupied land for building. Real estate
developers trigger auctions from a list of sites by promising minimum
amounts: HK$768 million for yesterday's auction.
Sino Land Co paid a
higher-than-expected price for another luxury residential site at last
The previous per-square-foot
record was in January 1997, when Eton Properties Ltd, a privately owned
local developer, paid HK$230 million for a residential site in Repulse Bay,
according to property companies Jones Lang LaSalle and Midland Holdings Ltd.
'As long as prices keep going up,
they can easily sell at HK$50,000 per sq ft,' said BOCI's Mr. Yeung. 'And at
that price, they should be able to make a profit.'
Residential prices may jump more
than 50 per cent by the end of next year on rising consumer confidence and
speculation that interest rates won't rise, UBS AG analyst Eric Wong said in
a report last month.
Land sales, conducted by the
city's government several times a year, serve as a barometer of economic
health for the property-mad territory. It sold two sites for mixed results
in the last auction in November, fetching a combined HK$5.18 billion for the
Sun Hung Hai shares dropped 2.2
per cent to HK$87.35 in afternoon trading in Hong Kong.
Reuters 20 Dec 2006
Luxury home rents set for
rises of up to 15pc
Rents for luxury residential properties will
probably climb up to 15 percent this year due to continued tight supply,
consultantcy Colliers International said.
Director of research and consultancy Simon Lo said
the minimum rental increase would be 10 percent while capital values will
rise 20 percent this year.
"There will be very little new supply in the
coming three or four years,'' he said.
The shortage of luxury apartments drove up prices
by 50 percent last year, DTZ Debenham Tie Leung consultants said earlier,
outpacing the average 30 percent increase in the general market.
Rents at The Peak and South Side edged up 13
percent and 14.2 percent respectively last year when compared with 2003.
Current sale prices per square foot are about HK$9,000, while rents are
HK$25 psf a month.
Lo said that although overall residential stock
had been rising steadily over the years, growth in stock for luxury units
flattened out from about 1990 onwards.
The low plot ratios, which limit developable floor
space, in luxury areas and the scarce supply of new sites contributed to
fewer upper-end properties being supplied, he said.
New supply is set to continue to fall, bottoming
out at only about 40 units in 2007, compared with more than 300 in 2003 and
the previous high of over 1,200 in 1989, Colliers said.
"Not 100 percent of this new stock is going to be
for lease. According to our experience, only one fifth or even less will be
for lease,'' Lo said.
Another factor in the increase in rents is that
rents tended to mirror economic growth and inflation, he added.
The enactment of a new tenancy law in July, which
abolished security of tenure for tenants, has also encouraged investment
demand that in turn is propelled by inexpensive financing due to low
interest rates, he said.
Although investment yields had fallen to 3.4
percent from over 5 percent in 2001, it was still higher than borrowing
rates of less than 1 percent.
- by Danny
STANDARD 3 March 2005
Luxury home prices still
Luxury residential market sentiment may have quickly
tailed off in the second quarter in tandem with stock market uncertainty,
but prices are continuing to rise, albeit at a slower rate.
Two new launches, at 33 Island Road and 28 Gough
Hill Road, sold in late April and early May at high average prices of
HK$22,000 per square foot and HK$23,000 psf respectively, according to
international property consultant FPDSavills (Hong Kong).
The latest high-priced offering is a townhouse,
House 3, 39 Deep Water Bay Road, Southside, which has gone on the market for
about HK$100 million, or more than HK$20,000 psf.
The 4,735 sq ft, three-storey property with five
bedrooms, full sea views a garden terrace and a roof terrace, has attracted
strong interest from potential buyers.
"There is a dearth of single-lot properties on
offer in Deep Water Bay Road,'' said FPDSavills director of residential
sales Jimmy Fong.
Completed in September 1986, the Deep Water Bay
Road property is to be sold with vacant possession by a local investor who
bought it for about HK$105 million in 1997. Tenders close on August 27.
The 39 Deep Water Bay house development comprises
12 luxury houses and was developed by Kerry Group. Six of the houses are
being retained by Kerry for long-term investment and six houses were sold to
individual parties a few years ago.
Each house has a market rental value of between
HK$180,000 and HK$200,000 per month.
Townhouse transactions on The Peak and Southside
fell by around 50 per cent in April, but activity levels were still
comparable with February, FPDSavills senior director of research and
consultancy Simon Smith said.
Transactions declined by another 50 per cent in
May, reflecting the cooling of market sentiment. As a result of the
consolidation, townhouse price increases moderated to 9.7 per cent over the
second quarter, Smith said.
"We have not yet registered any actual price
falls in this market segment,'' he added.
In the first quarter of this year, prices for
luxury homes surged more than 40 per cent, outstripping growth in other
With luxury supply dwindling, townhouse prices
were approaching levels not seen since the 1997 property boom, with one
property at 56 Peak Road selling for HK$82.3 million, or HK$25,145 psf,
according to DTZ Debenham Tie Leung.
"In contrast to the mass residential market,
demand for townhouses remains strong as the economy continues to pick up,''
DTZ investment department director Alvin Yip said.
"Since the local economy staged a turnaround in
the latter half of 2003, developers have been showing a great appetite for
luxury residential sites, reflecting their optimistic outlook for the market
and reinforcing our belief that prices will stay at high levels in the near
term,'' he added.
Raymond Wang HONG KONG
STANDARD 30 July
HSBC is streets ahead as Peak house
Hong Kong's limited supply
of luxury properties continues to lure homebuyers amid a market slowdown,
with HSBC yesterday selling a three-storey detached house on the Peak for
more than $180 million.
The sale price of the house at 3 Middle Gap Road
far exceeded the last transaction for a home sold in the same street during
a more bullish period earlier this year.
Once occupied by former PCCW deputy chairman Linus Cheung Wing-lam, the
house at 24 Middle
Gap Road was sold for $141.8 million in February.
Other owners of the 13 detached houses on Middle
Gap Road include Duty-Free Shoppers co-founder Bob Miller and Jebsen &
Co chairman Michael Jebsen. Nan Fung Development chairman Chen Din-hwa owns
the house at 5 Middle Gap Road.
Chesterton Petty, the sole agent of the house,
yesterday confirmed the 9,000-square-foot house, on 13,210 sqft of land, was
Market sources said the sale price was more than
$180 million, which translated to more than $20,000 per square foot.
Antonio Wu, an executive director of investment at
Colliers International, said the unexpectedly high sale price of the house,
built more than 50 years ago, showed homebuyers were still being lured by
rare luxury sites. "End-users are more likely to pay such a premium
price, while developers have to calculate the profit margin more
carefully," he said.
However, he said the transaction was unlikely to
set a strong price indicator in the luxury sector.
The sale comes amid weakening sentiment in the
mass residential market, which triggered developers' recent price-cutting
strategy and equity market fluctuations.
UBS regional property research head Franklin Lam,
usually one of the more bullish analysts, said the market would enter a
consolidation phase, with prices falling about 5 per cent in the near
future. However, he did not expect a capital outflow to lead to a market
Meanwhile, Centaline Property Agency plans to use
its 2,000-strong Hong Kong sales team to back up agents in Shenzhen for the
first time. The estate agent hopes to drum up business for City Plaza, which
was developed by Hon Kwok Land Investment and is located at Jia Bin Road in
Lowu. The residential-hotel-retail project has six blocks with 2,200 flats.
- by Ernest Kong South
China Morning Post22 May
Luxury home prices
outstrip rental yields
The gap between capital gain and rental growth of luxury properties is
widening so much that rental yields have fallen to as low as 2 per cent, a
property consultant revealed yesterday.
Prices of luxury residential
properties have soared by more than 30 per cent since the beginning of the
year. But at the same time the rents of luxury apartments have increased by
only 3.4 per cent, Jones Lang LaSalle head of research for Greater China
Nelson Wong said.
The rental return on some
individual luxury flats has fallen to as low as 2 per cent from 4 per cent
last year, he said.
The average return on luxury
properties was around 3-4 per cent in the first quarter of the year.
Luxury apartment rents on Hong
Kong Island rose by 3 per cent in the first quarter and are tipped to rise a
further 5 per cent over the remainder of this year, FPDSavills (Hong Kong)
managing director Raymond Lee said. "Rental yields are expected to rebound
if the gap between capital gain and rental growth narrows,'' Lee said. More
encouraging is that rents recorded their first quarter-on-quarter growth
since the final quarter of 2000, helping to support investment values, he
In the mass residential property
market, Wong said prices have been surging since last September at a pace
unseen even in the pre-1997 years, growing 35 per cent between last
September and February.
Wong said the affordability of
mass residential properties in Hong Kong now stands at a reasonable level,
comparable to other leading cities such as New York, London and Tokyo, and
there is still room for prices to grow 30 per cent.
"However, we need to be cautious
because this [situation] can swiftly change if the rapid growth trend over
the past few months continues, or the interest rate rises,'' he said.
Housing in Hong Kong had become affordable because of a price correction
over a six-year period.
Improving affordability and
pent-up demand helped boost the number of property transactions in the first
quarter to 34,400 units, he said.
- by Raymond
8 April 2004
Prime Peak site fetches
$250m for redevelopment
Mid-sized developer Tai Cheung Properties has bought
Modreenagh on The Peak from locally listed Shun Ho Technology Holdings for
Tai Cheung Properties director
Simon Lee said the company plans to redevelop the six-storey building, on a
28,200-square-foot site at 3-5 Plunkett's Road, into eight townhouses of
more than 3,000 sq ft each.
Lee estimated total investment at
HK$300 million to HK$400 million, including the HK$10,709 per square foot
the company paid for the lot, construction costs of more than HK$70 million
or HK$3,000 psf, land costs and interest.
The townhouses are expected to
fetch more than HK$20,000 psf when they are scheduled to be completed in
2006, representing a potential profit margin of about 40 per cent. The Peak
deal came after two luxury properties were sold earlier this week slightly
below market expectations.
Esprit Holdings chief executive
Michael Ying sold his two-storey detached house at 4 Island Road for more
than HK$138 million.
A property at 10 Pollock's Path on
The Peak sold for more than HK$300 million.
Analysts had valued Ying's
property at about HK$150 million and the other at HK$330 million.
The buoyant residential market is
particularly evident in the luxury sector as supply on The Peak has always
been limited, DTZ Debenham Tie Leung investment director Alvin Yip said. The
latest Peak transaction reflects the positive outlook for the market and the
potential for further price increases in the luxury residential market, he
The luxury market has been
particularly active in recent months. Sino Land bought a residential site at
53 Conduit Road in Mid-Levels for HK$250 million. But prices in the sector
have shown signs of consolidation in recent weeks after surging more than 50
per cent over the past few months, property agents said.
Shun Ho Technology announced
yesterday that proceeds from the disposal of Modreenagh - which it bought in
1991 for between HK$60 million and HK$70 million - will be used as general
A gain of around HK$180 million
The disposal price represents a
premium of about HK$80 million to the property's book value at the end of
The existing building comprises 12
residential flats with a total saleable area of 24,000 sq ft. Eight are
rented with a total monthly rental of HK$395,500. The remaining four units
- by Raymond Wang HONG
KONG STANDARD 2 April 2004
Leading developers avoid Skyhigh
The tender for the former Skyhigh site on the Peak
has received a tepid response from the leading developers.
A source close to the deal said a
"substantial number" of bids were submitted for the Peak's highest
But he said most were from individual investors
and small-scale developers.
Among big property names, only Sino Land and
Chinese Estates Holdings had confirmed submissions yesterday, when bids
Sun Hung Kai Properties, Wharf (Holdings), Swire
Properties, PCCW, and Kowloon Development said they did not bid on the site.
Cheung Kong (Holdings), Hang Lung Properties and
New World Development did not respond to queries on the sale yesterday.
A banking source described the market response as
"lukewarm", implying that the bids had not reached the reserve
The 43,824-square foot site at 10 Pollock's Path
has been owned by former Hong Kong Bank chairman Michael Sandberg and Yaohan
International boss Kazuo Wada.
It was bought in 1996 for $375 million by Pearl
Oriental Holdings, which demolished a 19,773 sq ft luxury house on the site,
but failed to develop it after property prices plunged during the Asian
financial crisis. It then fell into the hands of its creditor, Bank of East
Asia, in 2001, and was acquired soon afterwards by Bank of China.
Current owner Citigroup bought the site from Bank
of China in an auction of non-performing assets last year.
With the luxury property market rebounding, some
expected the Skyhigh site to fetch top dollar.
Landscope Realty managing director Koh Keng-shing
estimated that the property, which has a plot ratio of 0.5, could net as
much as $400 million, or $18,000 per square foot.
He estimated building costs for an appropriate
structure on the site at $4,000 per square foot.
However, analysts said major developers were not
keen on the site due to the relatively small potential of the project.
Adrian Ngan, an analyst at BNP Paribas, said most
of the leading developers would find the profit too small, even if the
completed project could be sold at $30,000 per square foot.
"Even if the developer earns $8,000 per
square foot, it can only earn about $170 million," Mr. Ngan said.
"Moreover, most developers don't want to set
a high price indication for the coming government land
by Ernest Kong and
CHINA MORNING POST March 24, 2004
Offers under $300m aim to
win Peak site
Chinese Estates Holdings, Sino Land and Nan Fung Development have submitted
their respective bids for a luxury residential site on The Peak through a
private tender that ended yesterday.
The offering prices of the three
mid-sized developers for the 10 Pollock's Path site are less than HK$300
million, sources said.
Spokesmen for both Chinese Estates
and Sino Land confirmed their bids but would not reveal their offer prices.
Nan Fung could not be reached for comment last night.
Sales agent Raymond Ho & Co
director Raymond Ho said the tender was well received when it closed.
However, he declined to disclose details.
The 43,824-square-foot site can be
developed into several detached houses with a plot ratio of 0.5 times.
Sino Land bought a luxury
residential site at 53 Conduit Road in Mid-Levels last month for more than
Joseph Lau's Chinese Estates has
been anxious to buy luxury properties recently. It tried but failed three
times to draw The Peak plot at 12 Mount Kellett Road from the government
reserve list last month.
In a sign of growing confidence in
the residential property market, Chinese Estates and Sino Land were two of
32 developers this month who submitted expressions of interest for the Urban
Renewal Authority's Johnston Road and Tsuen Wan redevelopment projects.
Market analysts expect developers
to resort to other means to replenish their land banks, such as private
tenders and negotiations, after the government insisted on keeping prices
close to market level, thus withholding land lots for auction from the
As land supply is limited, the
luxury home market has been particularly active in recent months.
The luxury residential sector is
expected to outstrip the mass residential market, with prices surging by 60
per cent over the next two years, Credit Suisse First Boston (CSFB) has
predicted. So far, residential property prices have risen on an average of
more than 30 per cent since last year's Sars outbreak.
But that is skewed towards the
upmarket segment, whereas the low end of the mass market has risen only in
the low teens, CSFB Asian Equities Research director Victor Kwok said in a
recent property report.
CSFB predicted mass residential
prices would rise 30 to 45 per cent over the next two years.
"So far, we observe an increasing
divergence in pricing between luxury and mass residential assets - where
values of properties on The Peak are perhaps only some 20 per cent from
their peak in 1997, whereas those of the low-end properties are still
languishing at some two-thirds of their previous highs,'' Kwok said. "The
hope is, therefore, that a spillover effect from the upper end will flow
gradually down to the middle and then lower segments.''
This is because demand for
upmarket projects is driven more by developers and investors, as confidence
- political and socio-economic - and alternative investment opportunities
are key influential factors. However, the mass market remains driven mainly
by the basic considerations of employment prospects and wage growth, which
tend to lag, the report said.
The ultimate question is
whether upmarket residential property prices can continue to go up, and
whether the low-end segment can also enjoy such bubble-like price increases,
- by Raymond Wang
KONG STANDARD 24
Luxury unit sales to test
Upcoming sales at several low-density developments will serve as a
gauge of the luxury residential market as confidence in the sector revives.
K Wah International is selling a two-block
12-storey housing pro- ject, The Caldecott, on Piper's Hill, near
Shamshuipo. The project has 44 units of about 2,300 square feet to 3,000 sq ft.
Selling prices range from $6,800 per square foot to $9,000 per square foot.
The senior project manager of K Wah Properties, a unit of K Wah
International, said would-be buyers had committed to acquiring 32 units at
The Caldecott, including two ground-floor apartments with gardens of more
than 10,000 sq ft each. Ground floor units were selling for $13,000 per
square foot, he said.
Yesterday, he announced the sale of the two
penthouse units at an average price of $15,000 per square foot. Each
penthouse has a gross floor area of 3,000 sq ft and a sky garden of
2,000 sq ft.
Estate agents said the project was the latest
barometer of the luxury market.
Average luxury prices rose 1.6 per cent last
month, according to property consultant Knight Frank.
Going on sale on Saturday is Far East Consortium's
residential pro- ject Clear Water Bay Knoll, in Clear Water Bay. The
development has 15 houses of 1,680 sq ft to 1,770 sq ft. The
average target price is $5,000 per square foot, a company spokesperson said.
In Deep Water Bay, New World Development is
expected to raise its target price for 10 detached houses at 33 Island Road
to as much as $20,000 per square foot from $15,000 per square foot,
according to Knight Frank.
Flat sales in the first four days of the Lunar New
Year were stronger than usual, thanks to improved sentiment and low interest
rates, said Knight Frank Hong Kong managing director David Lindsay.
But a more significant stimulus was the
announcement by leading property developers that they would be raising
prices of new flats by 5 per cent to 10 per cent after the holiday season,
Mr. Lindsay said.
Prices of luxury houses and flats are rising
following strong sales in prime locations such as Stanley, Deep Water Bay
and King's Park.
A total of 47 houses in the first phase of Regalia
Bay in Stanley have been sold. The developers intend to raise prices for a
second time by 3 per cent to 5 per cent, which will take prices to an
average of $9,000 per square foot.
2008 February 4 South China
Luxury Projects Attract Big Money
With high-end flat sales picking up,
developers have launched two luxury projects in The Peak and Island South.
Swire Properties expects to pocket HK$300
million for the sale of four houses at 3 Coombe Road on The Peak.
General manager Gordon Ongley said the
asking price of one of the semi-detached houses was HK$68 million, or
HK$15,000 per square foot, while offers would be invited for the other three
The project, also called 3Coombe Road,
offers two semi-detached houses and two detached houses with floor areas of
about 4,400 sq ft.
The company's senior development manager,
Adrian To, said construction cost was about HK$140 million, or HK$8,000 psf.
Ongley also said the company was making
steady progress in talks with the government on the land premium for the
Mariner's Club site in Tsim Sha Tsui and expected to reach a settlement this
Emperor Investment, a subsidiary of the
Emperor Group, expects to reap HK$140 million from the sale of five luxury
houses at the Royal Bay project in Chung Hom Kok, near Stanley. Two of the
houses will be launched at prices 13 per cent below market value.
The two three-storey houses, with floor
areas of 2,859 sq ft and 3,850 sq ft, were for sale at HK$19.8 million and
HK$27.5 million respectively. The HK$6,900 psf and HK$7,150 psf pricing is
below market value of HK$8,000 psf.
Secondary property prices in Chung Hom
Kok are about HK$6,000 to HK$7,000 psf.
Emperor Investment general manager Elwyn
Chan said a Chinese-invested company had expressed interest in buying all
five houses but the developer preferred to sell them individually.
Chan said the other three houses would be
sold at market level.
Emperor Investment bought the Chung Hom
Kok site for HK$60 million in 1998.
The property is the first new multi-house
project launched in Island South in six years, according to executive
director of sales agent Colliers.
by Nicole Kwok HONG KONG STANDARD 25 June 2003
The luxury residential sales market faces
short-term pressure as four big projects, comprising about 2,000 units,
compete for buyers in a sluggish market.
Analysts said prices for luxury flats
could decline by 5 per cent in the first half of the year, although
developers expressed confidence that the sales would go well.
Sun Hung Kai Properties (SHKP) has launched the sale of 112 units at 1 Ho
Man Tin Hill Road in Ho Man Tin, while PCCW Infrastructure is inviting
offers for 544 units at Residence Bel-Air in Cyberport, Pokfulam.
Both companies are aiming to set
benchmarks in their respective districts, and claim the support of cash-rich
buyers offering in excess of HK$10,000 per square foot for their duplex
Hong Kong's largest developer, Cheung
Kong (Holdings), is preparing soft marketing for about 600 units at 1 Beacon
Hill Road in Kowloon Tong.
Also coming up for sale soon is Parc
Palais in King's Park Rise, developed by a consortium led by New World
The executive director of SHKP's
marketing subsidiary, Sun Hung Kai Real Estate Agency, said many flats on
high levels at 1 Ho Man Tin Hill Road had been pre-sold at more than
HK$7,000 per square foot through internal sale over the past few days.
He expected official sales to begin on
Thursday next week, when show flats in the project were finished.
"We may allow some potential buyers
to preview the duplex units this weekend."
He said the company planned to release
about 50 units for sale and the remaining half for long-term leasing.
Duplex units in the development were
targeted to sell for HK$12,000 per square foot, which would be a record high
in Ho Man Tin.
Mr Lui said 1 Ho Man Tin Hill Road had an
advantage in the competition for buyers of luxury residential units as the
development was nearly complete.
Market demand for quality flats was keen,
he said. About 40 units at another SHKP luxury residential development, at 1
Po Shan Road in Mid-Levels West, had sold in the past few months at an
average of about HK$10,000 per square foot.
A penthouse had fetched HK$13,500 per
square foot, he said.
PCCW Infrastructure's residential sales
and marketing director, Wendy Gan, said she was confident Residence Bel-Air's
uniqueness would lead to a remarkable sales result.
Newly completed luxury residential units
on Hong Kong Island would account for only 3 per cent of the overall annual
supply of about 26,000 units over the next two years, Miss Gan said.
"I do not see any competition for
Residence Bel-Air since other sales are all in Kowloon. Experienced
investors will choose to invest in Hong Kong Island [due to scarce
supply]," she said.
Bigger is better as market rebounds
A trend towards building bigger flats is being
propelled by a V-shaped rebound in the luxury residential sector and a surge in
upgrade demand, developers say.
The "upsizing" trend applies to leading
developers including Wharf (Holdings), New World Development and Sun Hung Kai
Developers see the trend lasting for a few years and
predict that bigger units will be in high demand among home seekers against a
backdrop of economic recovery.
Transactions for apartments worth $3 million to $5
million and mostly measuring between 800 square feet and 1,000 sq ft shot up
82.8 per cent to 3,273 in the second half of last year compared with the first
half, according to Midland Realty.
Transactions for units in the same category continued
to grow last month, with a month-on-month 48 per cent increase. Transactions for
homes worth $10 million to $20 million jumped 62 per cent last month from
The trend has also been sparked by luxury home prices
leaping 50 per cent in the past few months.
Some units on the upper floors of The HarbourSide,
near Kowloon Station, sold for as much as $14,000 per square foot earlier this
Wharf (Holdings) assistant director Ricky Wong said
large units were definitely hot, thanks to increasing upgrade demand.
"Building larger-sized units will become an
industry trend again," he added.
In 1999, the economic slowdown and weakened purchasing
power of buyers prompted developers to build smaller flats to meet market
demand. Flats exceeding 1,076 sq ft accounted for 7 per cent of the total
housing stock in 2002, according to the Rating and Valuation Department.
Mr Wong said about 90 per cent of the total flat
supply in the market two years ago consisted of small units.
"These units sold for affordable prices of about
$1.5 million each," he said.
But he added: "As the market and economy improve,
developers will target higher income groups with greater financial
In view of the market change, Wharf would alter the
design of its Kowloon Godown redevelopment project in Kowloon Bay by increasing
the number of large units to 50 per cent from the original 20 per cent, he said.
The project, a joint venture with Kerry Properties and
Nan Fung Development, will comprise 1,500 units, a 200-room three-star hotel and
a 30,000-square foot retail podium.
After the change, the development would be dominated
by flats of 700 sq ft to 800 sq ft, from the previous 600 sq ft aimed at
first-time buyers, he said.
Large units with better views helped developers fetch
more attractive prices, Mr Wong said.
"Duplex and simplex units will sell at a premium
given these products normally account for less than 10 per cent of total units
in a housing estate," he said.
His view was echoed by New World Development sales
manager Barbara Ho: "Rare products are usually more expensive. This is the
New World was considering increasing the number of
larger flats at its Tseung Kwan O development and might do the same at other
projects, she said.
"This is a reflection of the economy picking
SHKP said it would build more large flats in several
of its projects, including in blocks 20 and 21 of the Victory Arch residential
development at Kowloon Station.
Midland Realty chief analyst Buggle Lau
the increased supply of large units to come on the market as early as 2006, with
developers offering more simplex units. -
2004 March 17 South
China Morning Post
ESTATE PROJECTS IN HONG KONG
PROJECT NAME: Bayshore Apartments
DEVELOPER: Asia Standard
This building of 122 residential units in Aberdeen is designed to make the most
of its scenic location. Unit sizes range from 673-791 square feet, all
consisting of three bedrooms and one living/dining room. Units on the top floor
are 1,643-square-foot duplexes. Parking spaces are provided and a clubhouse in
the complex offers recreational facilities including a park, gym, sauna, jogging
track, children's playground and a putting green.
PROJECT NAME: Royal Knoll
This development in the New Territories town of Fanling offers spacious units
with high ceilings and large windows. It has 58 units in sizes ranging from
1,285-2,155 square feet. Each unit has four bedrooms and two living rooms,
together with one fitted and fully equipped kitchen. Facilities within the
premises include a landscaped garden, putting green, swimming pool, gym, jacuzzi,
sauna and parking spaces.
PROJECT NAME: One Horizon Drive
DEVELOPER: Shun Tak Holdings
This luxurious low-rise residential development in Spanish-villa style is
located to the west of Chung Hom Kok on Hong Kong Island, overlooking Chung Hom
Kok beach. It comprises three terraced houses and six semi-detached houses in
sizes ranging from 3,300-3,500 square feet. Each house offers four bedrooms and
two bathrooms; one of the bedrooms has an en suite bathroom. The complex
includes a garden, swimming pool and car park.
PROJECT NAME: Nob Hill
The first project to surface for a few years in Kwai Chung, Nob Hill will
comprise 696 apartments in three blocks, scheduled for completion in September
2002. Two-to three-bedroom units are for sale ranging from 616 to 1,021 square
feet at HK$3,678 ($472) per square foot. Facilities include landscaped swimming
pool, garden, fitness centre, karaoke room, kindergarten, shopping arcade, car
parks with convenient public transport links nearby.
PROJECT NAME: King's Park Hill
DEVELOPER: Henderson Land
King's Park Hill is cluster of 42 detached houses ranging from 3,000 to 4,500
square feet, and 84 low-rise apartments ranging from 1,600 to 2,300 square feet
located in Ho Man Tin, Kowloon. The launch price was around HK$10,500 per square
foot for detached houses, and HK$8,500 per square foot for apartments, but the
developer is handing out discounts and incentives to speed up sales. Facilities
include pools, gym, sauna and bar.
PROJECT NAME: Mountain Court
DEVELOPER: Wharf Group
This apartment block located on the Peak offers panoramic views of Victoria
Harbour and the South China Sea. The 16 flats include four garden duplexes and
four penthouse duplexes. The size of the duplexes ranges from 3,800 to 4,200
square feet. The smaller apartments are 2,100 square feet in size. They are
available for rental at HK$60 per square foot. The complex offers a swimming
pool and parking spaces.
PROJECT NAME: Ocean Vista
DEVELOPER: Cheung Kong
Cheung Kong has launched the first 15 units of the last phase of its Laguna
Verde development in Hung Hom--Ocean Vista. These units are available in sizes
ranging from 576-2,344 square feet (52-211 square metres) with full sea view.
These units will go on sale at an initial cash price of HK$4,373 ($560) per
square foot, at a discount of about 2% to the current secondary market in Laguna
PROJECT NAME: BayCrest
DEVELOPER: Hang Lung Development
Completed last September when the market went flat, this residential complex in
Ma On Shan, New Territories offers 618 units for sale in sizes ranging from
756-1,832 square feet. The complex is equipped with swimming pool, tennis court,
gym and broadband Internet access. In a bid to clear a backlog of unsold units,
the developer is slashing prices and handing out incentives like free parking
spaces to lure buyers.
PROJECT NAME: De Ricou
DEVELOPER: Hong Kong Shanghai Hotel
This hotel--which is under renovation--is offering service apartment units
for long-term tenancy at 101 and 109 Repulse Bay Road, Southside, a prestigious
and scenic area to the south of Hong Kong Island. Tenants can choose to rent
these units unfurnished, or furnished in a variety of styles. Daily maid service
is available. Rent starts from HK$54,000 per month, exclusive of rates,
management and service fees.
The new supply is mainly in the New Territories, with 22 projects involving 12,713 units - 61per cent of the total supply
The largest of the projects released, providing more than 1,500 units, included Ocean Shore phase two and Park Central phase one in Tseung Kwan O and Caribbean Coast in Tung Chung
The 21 newly released projects on Hong Kong Island provided only 2,281 units as most were small scale
Kowloon had 21 projects on the market, providing 5,721 units - more than half in West Kowloon
In 1998, there were 31,528 newly released residential units and 81 per cent found buyers.