Luxury bay homes fetch fancy prices

Finance | Samantha Wong 7 Sep 2018

While some home owners have been cutting the asking price of flats in the mass market, sellers in the luxury sector are still calling the shots.

Two houses in Repulse Bay in the southern district recently sold for around HK$500 million each, according to the Land Registry.

One was a 5,643-square-foot house at 90 Repulse Bay Road, which sold for about HK$509 million or HK$90,286 per sq ft. Another, sized at 5,668 sq ft, sold for HK$496 million, or HK$87,500 per sq ft. The development at 90 Repulse Bay Road was completed by CK Asset (1113) and comprises 11 houses.

Meanwhile, a house at The Ultima in Ho Man Tin recently fetched HK$218.3 million, or about HK$80,000 per sq ft. The 2,740-sq-ft property completed by Sun Hung Kai Properties (0016) includes a 1,265 sq-ft garden.

Despite various deals made in the luxury market, an owner in one of the largest private housing estates in Tseung Kwan O slashed around HK$1 million off the asking price of his home at Lohas Park Phase Two.

His 673-sq-ft home recently changed hands for HK$8.27 million, or HK$12,288 per sq ft, according to Midland Realty. The property had been listed at HK$9.2 million in June. The seller had bought the three-bedroom apartment for HK$6.46 million in 2015.

The transacted price was also lower than the online valuation of major banks. Hang Seng Bank had a valuation of HK$8.76 million, which was about 6 percent higher while Bank of China had a valuation of HK$8.51 million, about 3 percent higher.

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