Market expectations grow after sale of Mid-Levels luxury flat

FPD Realty has sold a 1,490 square foot first floor residential flat at Century Tower 2 in the Mid-Levels for $12.6 million. According to Frank Marriott, FPD Realty managing director, the $8,500 sq ft selling price was slightly above market expectations. Mr Marriott said there were growing indications that the luxury property market on Hong Kong Island would be in for an upswing around the end of May. 'At the moment, the market seems directionless,' he said. However, the successful tendering of the Leighton Hill site in Causeway Bay for $3.6 billion and Mount Austin Road land auction which netted the Government $920 million were all positive signs for the market.