Century Tower's penthouse is in perfect shape

PUBLISHED : Friday, 05 February, 2010, 12:00am
UPDATED : Friday, 05 February, 2010, 12:00am

When you think of homes in Hong Kong, you probably relate to a rectangular building with similarly shaped apartments inside. However, Century Tower 1 in Mid-Levels offers a different perspective. Built like a cylinder, the property has interior walls that curve to match the design.

Like other older residential buildings, Century Tower 1, which was built in 1971, has a high efficiency rate - the actual living area compared with what is printed in advertisements.

According to Savills, the sole agent of a duplex penthouse on sale at Century Tower 1, the efficiency rate of the apartments reaches about 81 per cent. The penthouse is on the 31st and 32nd floors and has 2,565 sqft of gross area on each floor, including a full Victoria Harbour view from Sheung Wan to Wan Chai and a mountain view.

The owner has not put an asking price on the property, but Keith Chang, deputy senior director of residential development and investment at Savills, says the agent will give prices of similar penthouses on neighbouring estates as a reference for potential buyers.

One example is a 4,500 sqft duplex penthouse at Altadena House on Barker Road that was sold for HK$150 million, rounding up to about HK$33,333 per square foot. On the upper floor are three bedrooms with en suite bathrooms. The master bedroom is about 1,000 sqft and comes with two walk-in closets and a balcony. The lower floor has a 500 sqft patio, living room, dining room and kitchen. Three parking spaces are also included in the package.

Residents of Century Tower 1 enjoy a gym, swimming pool and playground facilities. Although the apartment is unfurnished, the owner renovated the whole place after buying it in 2006 and has not lived in it. While the penthouse has been on the market since November, Chang does not believe that he will have any problems in selling it.

'These types of luxury properties usually take a longer time to be sold. For this penthouse, there are four or five potential buyers who go and view the apartment weekly and we expect it to be sold after two more months,' he says.

The average price for a duplex penthouse in Mid-Levels is HK$30,000 per sqft, which is a rise of 10-15 per cent since last June and July.

For simplex luxury apartments in the same area, prices are much lower. 'The average price for normal luxury apartments starts from around HK$20,000 per square foot,' Chang says.

Savills foresees housing prices in Mid-Levels remaining steady this year before rising 5-10 per cent in the next one to two years.