appConfigEntityId

bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

hooksArticlePageAdvertisementConfigArticle

liveArticle

appConfig

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

sectionsV2

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

json

Sandy Li

Sun Hung Kai Properties (SHKP) has realised HK$900 million from the sale of 60 units at The Leighton Hill luxury residential development in Happy Valley, according to the firm.

Victor Lui, executive director of SHKP's marketing arm, Sun Hung Kai Real Estate Agency, said the units, measuring between 1,900 square feet and 2,200 sq ft, were sold at HK$9,000 per square foot to HK$13,000 per sq foot.

Most were on the upper floors, he said.

In spite of the positive sale, Mr Lui said the developer would release another 20 to 30 units for internal sale at an average price of less than HK$10,000 per sq ft on Thursday.

The lower prices reflected their location on the lower floors, he said.

Mr Lui said talks with an institutional fund to buy 60 units at about HK$10,000 per sq ft had reached the final stages.

The purchase could be worth about HK$1.3 billion if finalised, he said.

However, Mr Lui said SHKP was concerned the block sale might reduce the units available to the public.

The developer would like to keep half the 544-unit project for long-term investment, he said.

The development has been attracting interest from foreign institutional investors in Singapore, Australia and the United States - all with existing business projects in Hong Kong.

SHKP had been selling about 10 units a day even before the completion of its HK$50 million show flat, due to open on Thursday, Mr Lui said.

So far, no buyer had applied for the second mortgage offered by the developer.

SHKP is providing mortgages of up to 20 per cent on top of the 70 per cent bank mortgage.

Confidence has returned among potential buyers recently following the buying interest attracted by The Leighton Hill development, Mr Lui said.

The development comprises 544 units in eight blocks of 1,250 sq ft to 2,400 sq ft, with about 5,000 sq ft of connected units.

The developer bought the 464,391 sq ft Leighton Hill site for HK$3.61 billion at tender in 1998.

The price represented an accommodation value of HK$4,011 per sq ft on a total floor area of 900,000 sq ft.

The development, dubbed by SHKP as a 'third-generation' luxury property, will have a clubhouse of about 30,000 sq ft and 70,000 sq ft of landscaped gardens. Due to be completed in 2002, it will also provide more than 500 car parking spaces.



SHKP reaps $900m in Leighton Hill sales