New Territories' prices outpace Kowloon

Residential prices for primary projects in the New Territories have been growing at a faster pace than those in Kowloon, said JLL.

The difference in price premiums between new residential projects in Kowloon and the New Territories narrowed by about 20 percentage points over the past 10 years, with projects in the New Territories boasting a 21 percent lower unit price than those in Kowloon, the research showed.

Norry Lee, senior director of projects strategy and consultancy department at JLL in Hong Kong, said preference for space and living quality, low density development and large clubhouse facilities increasingly nudged home buyers to target projects in suburban areas.

Commute times are reducing now that new infrastructure is being developed, and more retailers are entering the area which enhances the appeal of the areas, said Lee.

Meanwhile, a 1,017-square-foot flat at Island Garden in Shau Kei Wan was sold at a loss of about HK$2 million as the homeowner, who suffered losses in the stock market, cut the asking price by HK$2.5 million, according to Midland Realty (1200).

The flat fetched HK$19 million, or HK$18,682 per sq ft, lower than the owner's purchase price of HK$20.98 million in 2017.

Also, a 338-sq-ft unit in Sunshine City in Ma On Shan sold for HK$7.2 million, or HK$21,302 per sq ft, a record high for the estate.

It surpassed the previous high of HK$20,355 per sq ft recorded 10 days ago. The seller, who paid HK$3.15 million in 2012 for the flat, enjoyed an approximately 130-percent capital gain, or HK$4.05 million profit.

In the primary market, Sun Hung Kai Properties (0016) will release the price list of the first phase of Wetland Seasons Park in Tin Shui Wai, involving 245 units.