Deluxe Harbourview targets a high price
DESPITE the slowdown in the luxury housing sector, Sun Hung Kai Properties has launched another internal sale of its deluxe residential project, Harbourview, at a high asking price.
Eight luxury units in the development at Magazine Gap Road are being offered. The project is a joint venture with the Li & Fung Group.
Estate agents said the initial response was weak because prices were 'too high'.
The price for a 2,340-square-foot unit on the fifth floor is set at $28.14 million, or $12,027 a square foot.
The most expensive unit in the latest sale is a 2,346 sq ft flat on the 20th floor, going for $33.55 million or $14,300 a sq ft.
Simon Fung, manager of Ricacorp Properties' Mid-Levels branch, said 'the selling price is far beyond the level achieved in the finished luxury projects in the area'.
Although the quality of the project was better, buyers were not keen because the price was 40 to 70 per cent higher than that for a similar flat in the area, he said.
He cited as an example Dynasty Court on Old Peak Road where flats were selling for $9,000 a sq ft.
So far, five transactions for Harbourview flats were reported at the Land Registry. They were priced at $13,000 to $14,000 a sq ft.
The 33-storey development on a 23,885 sq ft site comprises 52 units of about 2,350 sq ft each. There are also more than 50 car parking spaces.
Li & Fung managing director William Fung Kwok-lun had said only 75 per cent of the units would be sold. His family would retain the remaining units.
Real estate agents said developers would not lower the selling prices of their prime projects to attract buyers.
Patrick Fung, deputy sales manager at the Mid-Levels branch of Midland Realty, said if developers did not receive strong response through an internal sale, they would retain the units for leasing.
