Mid-Levels launch to test luxury demand

Finance | Kevin Xu 5 Jan 2021

CK Asset (1113) expects to launch sales of a long-awaited luxury project at the Mid-Levels in the first quarter of 2021, in an indication of confidence in the luxury market.

The first phase of 21 Borrett Road offers 115 units measuring between 2,075 square feet to 3,378 sq ft.

The developer had delayed sales of the project in August 2019 amid social unrest, and the luxury property market has been reeling from the fourth wave of Covid-19 infections and the economic downturn.

Also in the primary market, Nan Fung Group has won pre-sale consent for LP10 at Lohas Park, and expects to release the first price list for the project this month.

Meanwhile, the number of mortgage loans on completed flats rose 42.9 percent year-on-year to 9,133 in December, according to mReferral Mortgage Brokerage Services.

Separately, the number of licensed real estate agents in Hong Kong rose to 40,802 last month from 40,284 in November, hitting a new high, data from the Estate Agents Authority showed.

In the office market, Savills said the overall Grade A office rents fell 16.6 percent over 2020, marking the largest yearly decline since 2009. Overall Grade A office vacancy rose from 4.7 percent at the end of 2019 to 8.4 percent in the last month of 2020.

Savills expects Grade A rents to fall by 5.0 percent to 10.0 percent in 2021 with rents to decline over the first half before stabilizing in the second, depending on the availability of vaccines and the status of cross-border restrictions.

In the secondary market, Midland Realty recorded five transactions at South Horizons in Ap Lei Chau in the first three days this month.

A 610-sq-ft flat at the estate changed hands for HK$10 million, or HK$16,393 per sq ft, after HK$1 million was slashed from the asking price. The seller, who bought the unit for HK$2.98 million in 2007, will earn a capital gain of HK$7.02 million.

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