Demand for luxury flats to rent still strong, Kerry Properties says
Money is no object when it comes to finding the right home, and entrepreneurs are keen to lease, not buy, and keep their cash for business
Demand for luxury rental properties remains strong, with Kerry Properties re-leasing flats in its "super deluxe" Tavistock development in Mid-Levels at a 30 per cent premium on expiring leases.
Two flats in the development, both 4,860 square feet, and the a duplex of 8,210 square feet are now being offered at more than HK$65 per square foot, compared with the HK$50 per square foot in the previous tenancy agreements signed in late 2008.
The asking price translates to rent of about HK$315,900 a month for what Kerry describes as a "typical unit" in the development, and HK$550,000 a month for the duplex.
"Negotiations with some potential tenants are under way. And two weeks ago we leased another typical unit, even before the latest promotion," said Chu Ip-pui, executive director at Kerry Real Estate Agency.
Tavistock, in Tregunter Path, Mid-Levels, has two duplex flats and 22 "typical" flats, of between 4,860 square feet and 4,880 square feet in size.
The three flats have come up for releasing at the same time as Swire Properties leased a 6,000 sq ft flat at its 12-flat Opus Hong Kong project on Stubbs Road near The Peak for HK$850,000 a month, or HK$142 per square foot.