Luxury sector defies wider downturn
Hong Kong's top-end residential sector appears more resilient amid a wider market downturn, with a super-deluxe house on the Peak changing hands for HK$740 million last month in the most expensive deal this year.
Hong Kong's top-end residential sector appears more resilient amid a wider market downturn, with a super-deluxe house on the Peak changing hands for HK$740 million last month in the most expensive deal this year.
Mainland lawyer Li Shufeng, the chairman of Greater China practice at US law firm Paul Hastings, bought the 6,863-square-foot House No8 at 28 Barker Road, Land Registry records showed. The price equals HK$107,824 per square foot, making it the second-most- expensive house in per square foot terms, trailing only the HK$130,000 record set by House No10 at Pollock's Path, also on the Peak, in 2011.
The transaction value for villas in the primary and secondary markets hit a three-month high last month of HK$1.81 billion, following the HK$2.43 billion recorded in August.
The hefty amount last month was largely driven by Hutchison Whampoa's sale of Houses No8 and No3 at 28 Barker Road for a total of HK$1.27 billion. Property investor and chairwoman of the Estate Agents Authority, Vivien Chan, bought House No3 for HK$538 million, records showed.
Wong said an interest rate increase would have little impact on the super-deluxe sector compared with mass housing. "The luxury segment should be much more resilient than the mid-mass segment, given very limited stock and future supply," he said.
Tapping the improving sentiment in the top-end market, Sun Hung Kai Properties sold three houses at Shouson Peak in Deep Water Bay for almost HK$724 million this month after discounts of up to 8 per cent and 50 per cent subsidies on stamp duty.
