Luxury homes worst off amid price declines

Business | Tereza Cai 13 Dec 2019

Small and middle-sized residential properties are expected to see at least a 10 percent price drop next year, says JLL, adding that luxury units are likely to fall 20 percent.

The commercial real estate services provider also predicted that commercial property prices and rentals will fall overall next year.

In the secondary market, Rita Wu Tsang Sui-king and Timothy Wu Po Tang, descendants of Wing Lung Bank's founder, Wu Yee-sun, sold a unit with a salable area of 2,361 sq ft at Tregunter Towers on The Peak for HK$60 million, or HK$25,413 per sq ft. They bought the unit three years ago for HK$46.5 million.

A unit with a parking space at Sea Crest Villa, Sham Tseng, changed hands at a two-year low of HK$9.38 million, or HK$8,883 per square foot, down 29 percent from the asking price of HK$13 million last year.

Without the HK$1 million parking space, the unit's price was only HK$7,935 per sq ft.

Another unit at The Arch Sun Tower, West Kowloon, changed hands at HK$12.5 million, or HK$31,646 per sq ft, around 20 percent lower than the HK$16 million market estimate. The price returned to the level of similar units in 2013.

At the same time, a vendor of a unit at Novum East, Quarry Bay, sold his flat for HK$9.98 million, or HK$22,129 per sq ft, with an estimated loss of HK$1.5 million compared with his buying price of HK$10.08 million in January 2018.

The developer representatives of One Eighty in Sai Wan Ho said that they may consider leasing out the units if they can't sell flats in the project before the vacancy tax is imposed. But they are still confident of the sales performance.

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