The ups and downs in the luxury residential market over the past decade can be best illustrated by the sale of Ondina Heights at 62 Peak Road, according to a veteran property agent. Raymond Ho Wing-fai, director and owner of Raymond WF Ho & Co, said the houses in the Ondina Heights complex had increased in value significantly between 1992 and 1997. However, a sharp depreciation has occurred since the property market slump. According to Land Registry records, Ondina Heights, comprising nine houses ranging between 3,319 square feet and 3,720 sq ft and completed in 1989, was first traded in 1992 and sold to Nan Fung Development for HK$139.38 million, representing an average price of HK$4,500 per sq ft. Nan Fung sold the development to San Kei Land Development for HK$268 million in 1994, representing an average of HK$8,670 per sq ft. The houses were then sold on a strata-title basis during the property peak in 1997, with average prices at about HK$20,000 per sq ft. Since the slump, only four houses have been traded, with the average price more than halving. Registry records show that a house sold for HK$31 million or an average of HK$9,000 per sq ft in 1999, while another sold for HK$28.25 million or an average of HK$8,500 per sq ft in June last year. Mr Ho, who handled the project's sale in 1992, said prices for units in Ondina Heights had stabilised. He said his company had been appointed by the mortgagee of House 9 to sell the unit through a private treaty. Mr Ho said the semi-detached house, with a private carport and garden, had a house area of about 3,319 sq ft and offered impressive sea views over Deep Water Bay to Aberdeen. He said the three-storey house, with four bedrooms, offered an excellent opportunity for home buyers or investors looking to renovate a property for own use or investment. Mr Ho declined to divulge details of the mortgagee. Records show it to be the Bank of East Asia and that the original owner bought the house for HK$69.69 million, or an average of about HK$21,000 per sq ft, in 1997.