Peak villas to be sold by tender this quarter

Business | Kevin Xu 19 Jan 2021

Wharf (0004) expects to launch its luxury house project at 77-79 Peak Road at The Peak for sale by tender this quarter.

This week's quota for show flat viewings have already been filled, according to Wheelock Properties managing director Ricky Wong Kwong-yiu.

The development comprises eight villas, among which six will hit the market through tender this quarter with the remaining two put up for lease in the second half this year.

The project is developed by Wharf and Wheelock Properties serves as the sales agent.

Last month, Wharf won the tender for a residential site at Mansfield Road on The Peak for HK$12 billion, or HK$46,272 per buildable square foot, with the per sq ft price hitting a new high for a residential site in Hong Kong and beating market expectations.

This came despite the fourth wave of Covid-19 infections and with Sino-US tensions continuing to weigh on the property market.

In Tseung Kwan O, Nan Fung Group released 90 units in the second price list of LP10 at Lohas Park, at an average price of HK$16,130 per sq ft after discounts, about 1.5 percent higher than the first price list. The cheapest flat, measuring 484 sq ft, is offered at HK$7.06 million, or HK$14,603 per sq ft, after discounts. Nan Fung Group received about 2,500 checks as of 3 pm yesterday.

In the secondary market, a 760-sq-ft flat at Mei Foo Sun Chuen in Lai Chi Kok changed hands for HK$8.63 million, or HK$11,355 per sq ft. The seller, who bought the unit for HK$1.69 million in 2003, will earn a capital gain of HK$6.93 million.

Another 652-sq-ft flat at the estate fetched HK$8 million, or HK$12,270 per sq ft, after HK$1.2 million was slashed from the original asking price. The vendor will earn a capital gain of HK$3.35 million after holding the property for nine years.

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