Luxury villa snapped up for a low $350m

Kerry Properties (0683) sold by tender a 5,128-square-foot villa at Mont Rouge in Kowloon Tong for HK$350 million, or HK$68,253 per sq ft, with the per-sq-ft price hitting a new low at the project.

In comparison, the developer last year sold a 3,017-sq-ft special unit at the project for HK$307 million, or HK$101,800 per sq ft.

In the secondary market, Midland Realty recorded 13 deals at City One Shatin over the four-day holiday. A two-bedroom flat at the estate changed hands for HK$5.7 million, or HK$20,070 per sq ft.

Also in Sha Tin, a vendor made a capital gain of HK$1.92 million in the sale of a 583-sq-ft flat at New Town Plaza for HK$9.6 million, or HK$16,467 per sq ft.

However, a 466-sq-ft flat at Dragons Range in the same district changed hands for HK$7.19 million, or HK$15,429 per sq ft. The vendor purchased the flat for HK$7.53 million five years ago and would suffer a loss of about HK$700,000 after paying commission fees and stamp duties.

In Tai Po, an owner also made a paper loss of HK$1.63 million after selling a 949-sq-ft flat at The Golden Gate for HK$10 million, or HK$10,537 sq ft.

Elsewhere, Hong Kong Property Services (Agency) recorded 75 deals in Tseung Kwan O over the four-day holiday.

In Lai Chi Kok, an 864-sq-ft flat at One West Kowloon sold for HK$14.1 million, after HK$400,000 was cut from the initial asking price.