LUXURY SALES

Sino Land plans to offer second mega sea view house in Cheung Sha for sale

Sale of 5,573 sq ft four-bedroom house on Lantau Island expected to fetch HK$200 million

PUBLISHED : Wednesday, 13 May, 2015, 2:06am
UPDATED : Wednesday, 13 May, 2015, 2:06am

It is hard to understand why a 3,860-square-foot two-storey luxury house in Cheung Sha, Lantau Island sold for a record HK$92.91 million until you visit it.

The price tag came as a surprise to many people living on the outlying island of Hong Kong, and also those who do not.

But developer Sino Land did not contend with the record it set on April 28 at its new development, Botanica Bay. It now looks set to challenge deluxe house lovers further.

"We plan to offer another bigger house for tender soon," said Victor Tin Sio-un, an associate director at Sino Land.

The upcoming sale is house No12 with an area of 5,573 square feet in saleable area. It comes with four bedrooms, a 6,393 sq ft garden, a private pool, a 2,297 sq ft roof top, 224 sq ft and 54 sq ft balconies and a 248 sq ft car parking space.

Industry experts estimated the large house could be worth HK$200 million.

Located in an exclusive neighbourhood of Cheung Sha on Cheung Fu Street, Botanica Bay comprises 16 modern European-style colonial houses of 3,860 sq ft to 5,573 sq ft. The project skips numbers 4, 13 and 14. On Monday, No17, a 4,191 sq ft house sold for HK$83.41 million, or HK$19,904 per square foot after a 10 per cent discount.

Renowned for its tranquillity and sandy beach - the longest in Hong Kong - Cheung Sha is an attraction for many expatriates, pilots and bankers.

"All visitors will marvel at the spectacular sea views when they enter the house," he said.

Last month, a Hong Kong buyer paid HK$24,072 per square foot for No19.

"The buyer will use it as his residence as it is about 45 minutes drive to Central. It is rare to have such mega-size houses for sale in Hong Kong," said Tin.

Sino Land paid HK$428 million for the 178,542 square feet site at a government land auction in 2007.

As the site could yield a total gross floor area of 71,417 sq ft, Sino Land's winning bid worked out at HK$6,749 per square foot.

Besides Sino Land, Swire Properties is also developing 28 detached houses at 160 South Lantau Road, Cheung Sha. It received an occupation permit in February.

The living offered by the beach properties does not come cheap.

Anna Koon, an agent at Savills Hong Kong Residential Services Team, said the asking prices of houses had been marked up after the record transaction made by Sino Land.

For instance, some places at Golden Coast have increased selling prices to HK$10 million from HK$9 million.

At present, a 1,930 sq ft three-bedroom house at Butterfly Crest - built by Hongkong Land - has an asking price of HK$23 million, or HK$11,917 per square foot.

Monthly rents for a 1,576 sq ft four-bedroom house with a car parking space at Bahama Garden are about HK$35,000.

Most houses at Cheung Fu Street were 30 to 40 years old and owners bought for their own occupation, Koon said.

"Only a few beach houses change hands," she said.

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