Sai Kung starts to recover

PUBLISHED : Friday, 04 September, 2009, 12:00am
UPDATED : Friday, 04 September, 2009, 12:00am

Transactions for luxury homes in Sai Kung have been slowly picking up since May thanks to rising prices across Hong Kong, according to Mathew Chung Kwong-yiu, sales manager at Sunshine Property Consultant.

Although the Sai Kung luxury property market was improving, it had not returned to where it was a few years ago, he said, adding that in the first two weeks of August only 10 transactions were recorded.

Demand for luxury homes in Sai Kung is higher than that for apartments in the city. The price of buying an apartment in the city is the same as that for a house in Sai Kung.

The number of semi-detached and detached houses sold was up in the first half of this year compared with the second half of last year, according to Centaline Property Agency.

However, sales revenue was down to HK$10.85 billion from HK$11.84 billion. Although interest in luxury property had become stronger, it seemed buyers were looking for smaller properties than the usual Sai Kung 3,000 sqft developments costing more than HK$30 million, Chung said.

A waterfront luxury house was recently put up for sale at The Palisades in Sai Kung's Silverstrand area. It is the only unoccupied property on the nine-villa estate.

The asking price is HK$33 million for the 3,470 sqft detached house with a 1,200 sqft garden plus swimming pool. It has three floors with five bedrooms, one of which is en suite.

The house was built in 1997 and enjoys an unrestricted sea view.

Chung expected the house to be sold quickly as it was valued lower than the average price of a 2,200 sqft luxury house, which usually costs HK$30 million to HK$35 million in Sai Kung.

Overall, luxury houses in the Silverstrand area were also being sold for HK$30 million to HK$35 million.

Recently, a luxury house at Villa Tahoe, Sai Kung, was sold for about HK$27 million at HK$10,000 per sq ft within five months of going on the market. Built in 1978, it was bought in 2004 for HK$18.8 million. The house has a full sea view, with two floors and four bedrooms, including one en suite.