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Hong Kong Property

Hong Kong interest in luxury flats rebounds after September surge for smaller units

Developer Nan Fung reports that three and four-bedroom flats are particularly popular at its Island Garden project in Shau Kei Wan

PUBLISHED : Saturday, 08 October, 2016, 8:19pm
UPDATED : Sunday, 09 October, 2016, 2:40am

Three and four-bedroom flats proved popular with home buyers on Saturday as developers launched new luxury developments following strong sales of small flats in September.

Nan Fung Development sold 26 flats at its Island Garden development in Shau Kei Wan from its first batch of 148 units. The most expensive sold for HK$31 million, or HK$26,168 per square foot, the developer said.

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CK Property Holdings reportedly sold more than 30 flats at its Zumurud development in Ma Tau Kok on Saturday, with one buyer snapping up four units. A total of 46 flats were on offer.

Brisk sales of small flats lifted residential transactions to a four-year high in September as developers pushed new home projects at lower prices, but experts predict first-hand transaction numbers will dip this month.

“For October, because the first-hand property supply is mainly luxury flats, the total first-hand transactions will drop to around 2,000 for October,” said Sammy Po, chief executive of Midland Realty’s residential department.

The number of transactions in the primary market totalled 3,461 in September, a 110 per cent increase from August.

Centaline Property Agency said the number of residental transactions rose 34.4 per cent to 7,826 last month.

The total transaction value for homes reached HK$55.96 billion in September, its highest level since July 2014.

Sold under the tag line “Your Gateway To Southside Living,” Nan Fung placed the Island Garden flats for sale at prices from HK$11.05 million to HK$36 million, or HK$20,272 to HK$29,821 per square foot.

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Nan Fung offered buyers discounts of up to 20 per cent.

The developer said three and four-bedroom flats were most popular among buyers.

Pricing at Island Garden was in line with the nearby development Lime Gala, which was developed by Sun Hung Kai Properties.

Po said sales at the Island Garden development would not affect second-hand transactions in Eastern district.

Sales of CK Properties’ The Zumurud were relaunched after being suspended in March amid poor market sentiment. The developer is offering a long-term financing plan and steep discounts to tempt buyers.

Flats in The Zumurud, which is Arabic for emerald, were priced from HK$33.23 million to HK$52.69 million, or HK$19,288 to HK$32,470 per square foot.

The financing scheme offered by CK Property gives buyers of 19 of the first 23 flats 12 years to complete their purchases on top of a 20 per cent discount.

Henderson Land is allowing potential buyers to view show flats in its Park One development in Nam Cheong Street, Sham Shui Po, ahead of sales on October 18.

Four-bedroom flats in the development are as small as 599 sq ft and cost more than HK$8 million.