More luxury flats to be released
Developers of two major luxury housing projects are battling for buyers by rolling out more units after strong sales over the weekend.
At Ap Lei Chau, developers of the 715-unit waterfront development Larvotto will launch 50 flats and has lifted sale prices by 2 per cent to HK$15,028 per square foot on average after selling almost 100 units for HK$4 billion over the weekend.
At Tai Kok Tsui, Sino Land will also release 50 units of The Hermitage at an average price of HK$13,073 per square foot after selling almost 700 flats.
Some estate agents attributed the strong sales to the low interest rate regime. They also said the latest batch of Larvotto units sold well because the prices were lower than the market expected, compared with asking prices of HK$9,500 to HK$16,000 per square foot in the secondary market at Bel-Air Residence. The first batch of Larvotto units was priced at an average of HK$17,288, a new benchmark in Island South.