Sun Hung Kai Properties

Park Island flats back on buyer radar

PUBLISHED : Wednesday, 29 February, 2012, 12:00am
UPDATED : Wednesday, 29 February, 2012, 12:00am

Sweeping sea views, spacious gardens and private pools are the drawcards Sun Hung Kai Properties is banking on to find buyers for its latest project on Ma Wan Island.

The 65-unit AnaCapri is the sixth and final phase of the Park Island residential complex on Man Wan, which is between Lantau and Tsing Yi islands.

The marketing of the low-density luxury development began last week and had put Park Island back on buyer radars, said Kelvin Yiu, an assistant district manager at Midland Realty's Park Island branch.

'We had a busy weekend as more home-seekers visited Park Island to view units in AnaCapri as well as other flats being offered for sale in the secondary market,' said Yiu, who added that 30 transactions in the complex were completed this month, up from just nine last month.

'Buyers are back in the market in view of an overall improvement in market sentiment and satisfactory sales response from new launches in the past couple of weeks,' he said.

Resurgent demand had lifted prices as well, he said, and average transaction prices at Park Island had risen 3.8 per cent to HK$5,500 per square foot this month, from HK$5,300 last month.

SHKP announced last week that standard units at AnaCapri would be released from HK$10,000 per square foot upwards, with special and duplex units from at least HK$18,000 per square foot.

According to Midland, the highest price fetched at Park Island was HK$12.87 million for a 912 sq ft unit in 2008, which worked out at HK$14,111 per square foot.

AnaCapri comprises 65 units in three seven-storey blocks. Unit sizes range from 1,200 to 1,980 sq ft. Eleven ground-floor units include garden areas ranging from 689 to 4,393 sq ft. Six units also come with private pools.

Based on SHKP's indicative price range, the entry price for standard units will be about HK$12million, while special units should sell for about HK$40 million.

Angel Wan, a senior manager at Centaline Property Agency's Park Island branch, said the asking prices were reasonable because the units were unique.

'AnaCapri is the only phase to come with private pools and gardens for ground-floor units. And the only phase with duplex units,' Wan said.

She believes existing Park Island owners may want to trade-up to bigger units in AnaCapri.

'It could also attract buyers from Kowloon and Hong Kong Island since it is only about a 30-minute ferry ride from Man Wan to Central,' Wan said.

Together with the final phase, the whole Park Island complex comprises 5,289 units in 31 blocks.

In June 2006, SHKP launched the 1,210-unit Oceancrest, the fifth phase of the development. These flats are changing hands at an average of HK$5,471 per square foot in the secondary market.

Victor Lui Ting, an executive director at Sun Hung Kai Real Estate Agency, said AnaCapri was due to be completed early next year. Pre-sale consent had been obtained, and units would be released for sale soon.

'We have received more than 500 inquiries so far,' Lui said.

The final phase could generate revenue of about HK$1 billion if sold out, he said.


The height, in metres, from floor to ceiling in all units of AnaCapri