LUXURY PROPERTY


 

COUNTRY FACTS

CURRENCY CONVERTER

WORLD TIME ZONES

METRIC CONVERSION

INTERNATIONAL HOLIDAYS

 

 

 

 


Six tycoons in the world's most expensive real estate city lost $2.3 bln in market capital value in one day.  Ouch!  >> MORE

One needs deep pockets and some locals own real estate as a hobby.    >>  HighCliff

Investment banking positions are changing in Hong Kong, as they are in Singapore and in London currently softening the rental market. 

Asking $300 million ( ~ $38 million usd) 

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 over 60%

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.

Hong 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.   


2010 December 15   SOUTH CHINA MORNING POST    

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 ENGFounder of REAL ESTATE FUND MANAGER .com

HISTORICAL

HK's Peak residential prices at decade low

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 yesterday.

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 firm.

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 year.

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

[2002]   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 and Beijing.

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.

Sun 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 district.

Second-hand 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, he said.

Luxury 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.

Luxury homes are those at least 1,000 square feet (93 sq meters) or costing at least HK$10 million.

Apartments 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.

Hong 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 10 percent.

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 analyst said.

"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 STANDARD

Penthouse 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 Kowloon area.

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 richest firms.

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 super-luxurious homes

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 rejected.

'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 become available.

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 TIMES

 

The luxury 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

Hong Kong property market gets hotter  

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 stresses.

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 BUSINESS TIMES   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 capital values.

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 the city.

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 2007

Uber-rich drive HK home prices to new highs

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 HK$36,000 psf.

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,' he says.

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 prices.

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 this.'

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 financial district.
- 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 city.

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 month's auction.

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 government's coffer.

Sun Hung Hai shares dropped 2.2 per cent to HK$87.35 in afternoon trading in Hong Kong. - Bloomberg, 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 Chung     HK STANDARD    3 March 2005


Luxury home prices still rising

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 property sectors.

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.
  -  by Raymond Wang     HONG KONG STANDARD    30 July 2004

HSBC is streets ahead as Peak house fetches $180m

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 sold.

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 collapse.

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 Post        22 May 2004

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 said.

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 Wang     HONG KONG STANDARD   
  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 HK$250 million.

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 said.

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 working capital.

A gain of around HK$180 million was recorded.

The disposal price represents a premium of about HK$80 million to the property's book value at the end of 2002.

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 are vacant.
- by Raymond Wang    HONG KONG STANDARD    2 April 2004 

Leading developers avoid Skyhigh tender

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 residential plot.

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 closed.

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 price.

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 sale."
- by Ernest Kong and Nichole Chan   SOUTH 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 HK$250 million.

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 reserve list.

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, it said.
- by Raymond Wang    HONG KONG STANDARD    24 March 2004

Luxury unit sales to test sentiment

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 Morning Post   

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 houses.

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 year.

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 units.

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 Development.

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 Properties (SHKP).

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 January.

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 month.

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 strength."

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 golden rule."

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 up."

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 Ka-fai expects 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    

REAL ESTATE PROJECTS IN HONG KONG

PROJECT NAME: Bayshore Apartments
DEVELOPER:      Asia Standard Properties
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
DEVELOPER:      Asia Standard Properties
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
DEVELOPER:      Cheung Kong
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 Verde units.

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.

MARKET FACTS

  • 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.

SERVICE FLATS


Copyright ©  2011
By opening this page you accept our
Privacy and Terms & Conditions