Sea views command high prices
While many residential properties on The Peak have sea views, prices vary according to the quality of the view.
According to Midland Realty, there are limited properties facing Victoria Harbour, and they usually cost about HK$30,000 per square foot.
An apartment facing Victoria Harbour, at Peak Garden on Mount Austin Road, recently sold for about HK$30,400 per square foot. The apartment is 1,640 sqft and includes three bedrooms, one with an en-suite bathroom.
For apartments and houses with sea views facing the south side, prices are comparatively lower.
'The average price for properties with sea views of the south side usually ranges from HK$18,000 to HK$22,000 per square foot,' says Ken Tong, associate district manager for Midland Realty at The Peak and Island South.
An apartment with a south side sea view at Mountain Lodge, at 44 Mount Kellett Road, The Peak, is on the market.
The 2,600 sqft apartment is on a middle floor in the 12-storey building. It has an asking price of HK$65 million, or about HK$25,000 per square foot. The property has four bedrooms, one including an en-suite bathroom. One parking space comes with the package.
The apartment has been on sale for three months and Midland Realty says it is hard to predict when it will be sold.
'There is no average time period for properties on The Peak because it all depends on when a buyer sees the house or apartment that they like,' Tong says.
Mountain Lodge was built 38 years ago and it has four apartments on sale.
Although the number of transactions has dropped over the past three months on The Peak and Island South - from 35 cases in April to 19 last month, and 11 so far this month - the estate agency predicts prices will rise after new properties come on the market.
'After the new Sun Hung Kai property opens for sale, probably early next year, the price of houses and apartments in the area will definitely rise,' Tong says.
He predicts that new properties may have an asking price of about HK$80,000 per square foot.
Although that price may seem exorbitant to many, Tong says some property owners are already asking for that amount.
For example, an 8,200 sqft detached house on Pollock Path is on the market for HK$780 million.