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Hong Kong property

Shun Tak points to unique house numbers to differentiate its latest luxury project from competition

Five detached houses to be offered by the developer are located on Chung Hom Kok Road, known as the traditional luxury residential area in the city

PUBLISHED : Tuesday, 23 February, 2016, 1:36pm
UPDATED : Tuesday, 23 February, 2016, 1:44pm

Shun Tak Holdings, chaired by Macau tycoon Stanley Ho Hung-sun, is following the trend of major Hong Kong developers in selling luxury residential developments on the south side of Hong Kong Island.

Five detached houses to be offered by the developer are located on Chung Hom Kok Road, known as the traditional luxury residential area in the city.

In the face of other developers’ new luxury housing launches, Warren Leung, director of property sales at Shun Tak, tried to distinguish the homes from competitors by emphasising the project’s unique house numbering.

“Standalone houses have always been an extreme scarcity in Hong Kong and those with unique house numbering are as scarce as hen’s teeth,” said Leung.

According to a market research commissioned by Shun Tak, standalone houses on Hong Kong Island accounted for about 16 per cent of the overall supply of such houses in Hong Kong last year. Those with individual house numbers accounted for less than five per cent.

Leung was confident in the project‘s prospects due to limited supply.

Ranging from 4,374 to 6,615 square feet in size, each residence offers a three-storey design with a roof terrace, and is equipped with its own garden and outdoor swimming pool.

Leung said the company has not yet set asking prices but it would use recent transactions of luxury homes as a reference.

Standalone houses have always been an extreme scarcity in Hong Kong and those with unique house numbering are as scarce as hen’s teeth
Warren Leung, Shun Tak

On Sunday, the developers of the Mount Nicholson luxury residential project, Wharf Holdings and Nan Fung Group, said they sold a house at the site for HK$830 million, or HK$87,784 per square foot. The home had received five bids when the tender closed on Saturday.

The head of valuation and consultancy at Knight Frank, Thomas Lam – who had expected the selling price to be between HK$100,000 per sq ft and HK$120,000 per sq ft – said the lower-than-expected price tag for the Mount Nicholson house reflected the conservative pricing strategy by buyers.

Meanwhile, Cheung Kong Property sold two houses at its La Mansion for about HK$17.4 million each. La Mansion is in Ping Shan, Yuen Long.

Property consultants Savills said the townhouse market on Hong Kong Island is facing diminishing demand and increasing supply in the short-term. This may see prices declining by 5 per cent to 10 per cent this year. However, it said the super luxury segment should prove more immune to the current market downturn, given the scarcity of stock and the number of ultra-high net worth individuals looking for trophy assets.

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