Masterpiece partners sell 130 flats in 2 days

PUBLISHED : Monday, 31 August, 2009, 12:00am
UPDATED : Monday, 31 August, 2009, 12:00am

Buoyant buying sentiment in Hong Kong's luxury residential market has helped New World Development and the Urban Renewal Authority reap about HK$3.8 billion from the sale of flats in Tsim Sha Tsui.

The developers said they sold more than 130 units at their luxury residential joint venture, the Masterpiece, over the weekend.

Above the K11 retail complex, the 261-metre-tall building dominates the skyline on Hanoi Road and is the city's second-tallest residential block after Sun Hung Kai's Cullinan.

Selling prices for standard units start at HK$14,000 per square foot, while flats with sea views fetch HK$20,000 per square foot. The cheapest unit costs more than HK$10 million.

The developers started selling the units on Saturday. The first batch of 66 units sold at an average price of HK$17,300 per square foot in the first four hours of the launch. Agents said investors bought more than 40 per cent of the 66 units.

Hong Kong Property Services (Agency) said strong buying sentiment would raise total transactions of luxury residential homes worth HK$10 million or more to a 15-month high of 450 deals next month. That would bring the total number of transactions in the first three quarters to 1,685 deals, surpassing the 1,478 deals achieved in all of last year.

From January 1 to August 27, 1,250 deals worth a total of HK$24.7 billion were clinched, it said.

Low interest rates, limited supply and growing buying interest from mainlanders are cited by agents.

The 67-storey Masterpiece project offers 345 units. These include 307 standard flats - ranging in size between 816 square feet and 1,500 sq ft - and 38 duplexes or adjoining units with sizes ranging from 2,700 sq ft to 5,620 sq ft.

The flats are only on the 27th to 67th floors; on the lower floors are a clubhouse and the Hyatt Hotel, which has moved from Nathan Road.

The sale was previously scheduled for the fourth quarter of last year but was postponed because of the outbreak of the global financial crisis in September.