Silverstrand house up for HK$35m

PUBLISHED : Friday, 18 June, 2010, 12:00am
UPDATED : Friday, 18 June, 2010, 12:00am

From now to August is considered the low season in the property market because many prospective buyers go on holiday. However, some estate agents predict this year will be different.

'Potential buyers have been holding out on purchasing properties since the government laid out new regulations in April [to cool the market], but owners are unwilling to lower their prices and, by next month, it is expected that buyers will cave in and start buying again,' says Matthew Chung Kwong-yiu, sales manager at Sunshine Property Consultant.

The unusual pattern for property sales this year in Clearwater Bay reconfirms Chung's assumption that the market will pick up next month.

During the Lunar New Year, another low season for property sales, the number of transactions shot up compared with previous years.

However, sales in Clearwater Bay dropped 60 per cent last month compared with April, and there have only been six transactions so far this month. Although transactions have slowed in the area, the average price per-square-foot has remained steady, at about HK$18,000 for houses and HK$6,000 to HK$7,000 for village houses.

A house at Palisade, Silverstrand Bay in Clearwater Bay, has been on the market for a month and Sunshine Property, the sole sales agent for the house, predicts it will be sold soon.

'The last transaction of a 3,470 sqft house in Palisade was sold within six weeks last year, so we think this house won't take too long to sell,' Chung says.

The house for sale is 2,203 sqft and is divided into three floors. With three bedrooms, including two with en-suite bathrooms, there is also a 500 sqft garden. With a rooftop facing the sea, the price is HK$35 million, or about HK$17,000 per square foot.

One parking spot in the communal car park is also provided. The house was built in 1997 and is considered new in the area. The owner has decorated it with modern interiors.

Although there are no clubhouse facilities within the complex, the Clearwater Bay Golf Club is nearby.

There are nine houses in Palisade, with two that are 3,470 sqft and the others 2,203 sqft.