Investment activity heightens up on the hill
Supply at Beacon Hill's Dynasty Heights remains low with only a limited number of properties available.
One of the most significant sales last week was at Dynasty Villa, the most expensive of the three phases developed by Sino Group. A 2,613 sqft duplex with balcony, roof, private access and a rear garden was sold for HK$41 million.
The price was much higher than in 1997 when property prices peaked, said Kelvin Lo, manager of residential sales for Kowloon at Savills.
The 10-year-old Dynasty Heights, at 8 Ying Ping Road in Beacon Hill, has 592 units. It is a mix of low-rise and high-rise properties such as terrace houses with gardens and flats with three phases: Sky Lodge, Dynasty Villa and Tropicana.
The development, close to Kowloon Tong's Festival Walk, a 1 million sqft shopping mall, has its own tennis court, indoor and outdoor swimming pools, a putting green, a gymnasium and toddler's playroom. It is particularly popular with tenants - 20 to 25 per cent of its units are rented properties.
Demand from buyers has been consistent, but flats of more than 2,000 sqft are in especially short supply. Only Dynasty Villa and Sky Lodge offer units of more than 2,000 sq ft.
There are only five units available for sale at Sky Lodge, each flat ranging from 833 sqft to 3,292 sqft, according to estate agent Centaline.
Last week, a 1,528 sqft three-bedroom flat with Victoria Harbour views sold for HK$14.8 million. The property was bought in 2004 for HK$10.33 million.
One 1,570 sqft flat with parking space for sale at Sky Lodge has been valued at HK$17 million. A 1,527 sqft rented flat in the same building sold for HK$13.65 million in March.
However, Mr Lo said that newer developments such as One Beacon Hill and Mount Beacon were more popular with buyers. Properties at Mount Beacon with a Kowloon Tong view will sell for between HK$13,500 and HK$14,500 per sqft. The average price per sqft at Sky Lodge is HK$11,000 to HK$12,000.
One Beacon Hill and Mount Beacon are mid-rise developments with their own clubhouse facilities such as sauna, squash court and swimming pool.
Last week a rented three-bedroom 1,487 sq ft flat was sold at One Beacon Hill for HK$16.12 million to a businessman as an investment. The property was bought in 2005 for HK$16.06 million.
Centaline said sales of luxury properties at Beacon Hill and in Kowloon had been strong.
There were 190 transactions last month and 11 of these were completed at One Beacon Hill.