Sun Hung Kai Properties

Record deals definitely boost sentiment

PUBLISHED : Thursday, 07 June, 2007, 12:00am
UPDATED : Thursday, 07 June, 2007, 12:00am

News of record-breaking property deals definitely boost sentiment among investors and home seekers, according to property agents.

They cited the sale of flats at Sun Hung Kai Properties' the Arch as an example. More than 90 per cent of the 1,054 units in the luxury development were snapped up in about a week during pre-sale in April 2005 - just five days after it sold a 5,353 square feet penthouse for a record HK$168 million. However, agents said the buyer - said to be a mainlander - eventually walked away from the deal when the building was completed last year.

Property consultants said the Hong Kong government would not do anything in default cases, deeming them a commercial matter.