Property prices climb on keen interest

Developers offer more special units but say only 10 per cent of the purchasers are mainlanders

PUBLISHED : Thursday, 11 October, 2012, 12:00am
UPDATED : Thursday, 11 October, 2012, 6:22pm

Developers have raised the prices on the next batch of flats coming on the market to cash in on the strong buyer interest.

Soundwill Holdings and Wheelock Properties have raised prices by 3 and 8 per cent.

Vivien Chan Wai-ling, an executive director of Soundwill, said her company was offering three special units at Park Haven in Causeway Bay for about HK$26,368 per square foot.

The developer had previously sold two special units.

"Prices for the latest batch are about 3 per cent higher" than previously, said a spokeswoman.

Since last month, the developer has sold 169 Park Haven flats for HK$2.4 billion.

The three special units on offer range from 528 to 760 sq ft, each with terraces of 183 to 453 sq ft. Prices start at HK$14.23 million.

Ricky Wong, an executive director of Wheelock Properties, said the developer planned to release five more special units at Kadoorie Hill in Prince Edward West at an average HK$20,000 per square foot.

"We have raised the prices by 8 per cent from the first batch," Wong said.

Special units range between 771 and 1,381 sq ft, with terraces of 174 to 700 sq ft. Prices start from HK$15.55 million.

Soundwill and Wheelock said mainland buyers accounted for about 10 per cent of the buyers while Hong Kong purchasers made up the rest.

Francis Wong, a director at Cheung Kong Real Estate, a subsidiary of Cheung Kong, said the developer would release the first batch of 72 four-bedroom units at One West Kowloon in Lai Chi Kok this month.

The entry price for the 1,300 sq ft units would be HK$18 million.

Vivien Chan, the chairman of the Estate Agents Authority, which regulates the industry, sold the 33rd floor of Cosco Tower for HK$480 million, or HK$20,506 per square foot to Chen Liqin, according to Land Registry records.

"The transaction price should be the highest in Cosco Tower. The spelling of the name indicates the buyer is probably a mainlander," said a property agent.

Ms Chan bought the property for HK$253.5 million in 2009.