Mid-Levels is a luxury residential district on Hong Kong Island that is popular with local and expatriate executives. With its proximity to the central business district and first-class schools, demand from locals and expatriates remains strong.
'When I first moved to the district, the main reason was that it was close to Central where I worked,' says Claudia Ma, a resident in Mid-Levels for 15 years.
'There's plenty of good restaurants in the nearby SoHo area, and you can walk easily to Central by the escalator,' she adds.
But the mature district is so well-developed that there is limited space for new projects. So when new ones come to the market, they are often able to command premium prices and still attract plenty of long-term investors and end users. Several of the most prominent new projects are in Seymour Road.
Swire's AZURA, at 2A Seymour Road, has sold about 80 per cent of its units, with an average price of HK$22,411 per square foot, with a unit on one of the higher floors fetching HK$32,300 per sqft.
ARGENTA, at 63 Seymour Road, is coming to market soon. The project will provide 30 simplexes each occupying an entire floor, measuring about 2,800 square feet. There is also a 4,700 sqft penthouse duplex featuring double balconies and spacious flat roofs.
The developer plans to price ARGENTA with reference to properties in Island South as well as Mid-Levels.
Another luxury development on the same street is Seymour by Wing Tai Properties, at 9 Seymour Road. It will comprise 82 apartments offering five bedrooms (2,348 sqft, with two en suites) or four bedrooms (1,888 sqft, with two en suites), with 69 units already sold at a price range of HK$14,500 to HK$42,000 per sqft.
Anita Chan Sau-yin, director of sales and marketing with Wing Tai, says Seymour, with its Parisian-style clubhouse, is a sleek and modern residential development providing top-grade flats to meet demand from people looking for quality and luxury living.
'Seymour boasts a breathtaking view of Victoria Harbour and enjoys the lush natural environment. It is always our strategy to develop world-class luxury residential properties and create value with great design and planning as well as top-grade provisions,' Chan says.
Wing Tai is also developing a luxury project at Coronation Terrace, Mid-Levels Central, which will provide about 70 flats of about 400 to 900 sqft. The project is expected to go on sale next year.