Four pricey flats sold at Mid-Levels West project

PUBLISHED : Wednesday, 09 May, 2012, 12:00am
UPDATED : Wednesday, 09 May, 2012, 12:00am


Sales at the latest luxury residential project to be marketed in Mid-Levels West, Swire Properties' Argenta, started at the weekend, with four pricey homes sold.

Situated on 63 Seymour Road, the 30 luxury flats in the single-block building are priced from nearly HK$57.29 million to over HK$225 million, or between HK$21,000 and HK$50,562 per square foot.

'The development has attracted some expatriates and rich mainlanders,' said Raymond Li Ngai, a senior sales director at Centaline Property Agency. The project was attractive to them, he added, because of the view and the privacy it offered, since there was only one apartment on each floor.

'Even the units on the lower storeys have a small view of the sea, while those on the upper levels enjoy a 270 degree view of Victoria Harbour,' Li said. Also, it is very close to Central and takes just 15 minutes to get there.'

Centaline said it sold two apartments. One of the buyers was a local end-user, who spent HK$95.48 million, equating to HK$35,000 per sq ft, to buy a 2,728 square foot unit on the 38th floor. The other was a mainlander who bought the unit as a holiday home. Another agent, who wished to remain anonymous, said a total of four of the 30 homes had been sold since Sunday.

Size was another selling point of the project, said Li, as 28 of the flats are 2,728 sq ft and offer three bedrooms.

A 2,640 sq ft flat which features a balcony is priced at HK$66 million, while a double-storey penthouse with an area of 4,450 sq ft has a price tag of more than HK$225 million, or HK$50,562 per sq ft.

Li said the prices were competitive because secondary flats at Azura in the same neighbourhood, which was also developed by Swire Properties, were being offered at about HK$25,000 per sq ft. Also, Wing Tai Properties is planning to sell 13 remaining flats in its development Seymour, on 9 Seymour Road, at asking prices of between HK$35,000 and HK$47,000 per sq ft.

But Argenta owners will face higher management fees, estimated at HK$4.50 per sq ft that would translate into a monthly bill of HK$12,276. This compares with HK$4 per sq ft at Seymour and HK$3 per sq ft at Azura.

The project is due to be completed in the second half of next year.

Chief analyst at Midland Realty Buggle Lau Ka-fai said demand for large residential apartments in Hong Kong remained strong because supply was limited.

Citing figures from the Rating and Valuation Department, Lau said only 24,368 out of the 111,000 private residential properties in Hong Kong were sized above 1,722 sq ft. About 59,100 flats are between 1,076 and 1,721 sq ft. 'This means that only around 83,000 private flats in Hong Kong are over 1,000 sq ft, showing that there is very limited supply of spacious homes. So, projects offering flats of a large size are selling quite well,' Lau said.

He added that of the 16,000 flats which may possibly go on sale on the primary market this year, only about 1,000 units were on Hong Kong Island, meaning competition for new flats on the island would be keener.


The number of private residential properties in Hong Kong bigger than 1,722 sq ft. And only 83,000 are bigger than 1,000 sq ft