HK$163m for Jardine's Lookout house

PUBLISHED : Friday, 28 May, 2010, 12:00am
UPDATED : Friday, 28 May, 2010, 12:00am

Following the government's new measures to cool the property market, buyers have been somewhat hesitant to purchase homes. However, property prices at the luxury end of the market have not dropped.

'In the Happy Valley area, there has been a drop in property transactions since the government introduced measures to [cool] property prices in Hong Kong,' says Gary Wong, StatelyHome's assistant district associate director of Happy Valley at Centaline Property Agency.

Wong says the normal number of transactions in this district is about 100 sales per month, but in May there have only been about 45. He says prices in the area are still rising.

'While most buyers are trying to negotiate a better deal, a majority of the property owners in this area are usually well off, so they are not desperate to sell their houses and [prices] did not drop in the most recent transactions.'

At Evergreen Villa, a 2,700 sqft apartment was sold for HK$47.8 million, or about HK$17,700 per square feet. A similar apartment sold for about HK$14,000 per square foot last year, but the average price used to be about HK$12,000 per square foot for smaller apartments. Wong predicts the property market is not going to pick up anytime soon as far as sales volumes are concerned because of the new government measures.

But a 3,566 sqft house on Moorsom Drive, Jardine's Lookout, is on the market with an asking price of HK$163 million, or about HK$45,700 per square foot. There are five bedrooms with en-suite bathrooms in the two-storey house.

With two balconies on the second floor, large windows act as walls giving tenants an open and spacious feeling.

There is also a rooftop and a garden in front of the house with a small pond.

A garage with room for four cars is also provided.

The owner renovated the entire house. There are nine houses on Moorsom Drive and there are rarely any properties on sale in the estate.

The last transaction there was in July 2003, says Centaline Property.

According to Wong, newly-renovated houses are hard to find in Jardine's Lookout, and the amount of privacy and security at Moorsom Drive is good, making this home an attractive property.