Peak flat sells for $500m

Business | Samantha Wong 8 Dec 2017

A Peak apartment has sold for HK$100,000 per square foot.

Mount Nicholson recently sold three units: a 4,266 sellable-square-foot unit went for HK$500 million, or over HK$111,000 per ssf.

Another, a 4,266 ssf flat, went for HK$400 million, or about HK$96,000 per ssf, while the third, 4,596 ssf, was sold for HK$440 million or HK$95,600 per ssf.

Nan Fung Group and The Wharf (0004) completed the project last year.

In Kai Tak, three duplex units at the Victoria Skye project by K&K Properties sold for HK$23 million to HK$33 million each or HK$24,000 to HK$26,900 per ssf. Flat sizes ranged from 962 ssf to 1,357 ssf.

In a separate announcement, a joint venture of Far East Consortium (0035) and the Urban Renewal Authority said it would be issuing its price list for the Sham Shui Po residential project this week.

Developers have scheduled more than 30 flats in the first batch for sale, with sizes ranging from 260 ssf to 299 ssf.

In the secondary market, a two-bedroom home sold recently for HK$11,690 per ssq at The Reach in Yuen Long.

The 426 ssf flat was priced at HK$4.98 million, said Midland Realty. The owner had bought it in 2013 for almost HK$4 million.

In Tseung Kwan O, a 784 ssf three-bedroom home at Ocean Shores went for HK$11.65 million, or HK$14,860 per ssf, said Ricacorp Properties.

Centaline Property Agency yesterday forecast home prices to rise 10 percent next year.

Simultaneously, private rents are expected to climb 8 percent. Current rents are about HK$36 per ssq.

The estate agency also said its benchmark Centaline City Leading index, which reflects secondary home transaction prices, have been on the rise despite eight rounds of cooling measures imposed by the Hong Kong Monetary Authority since 2009.

After mortgage lending rules were tightened this year, the index rose by more than 10 percent. It climbed to its highest level following the government's policy address in October.

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