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Luxury penthouses have become the latest symbol of wealth and status in Hong Kong's demanding society

For decades, the luxury villa has been the ultimate desire of a city-bound home hunter.

But now, there is a growing group of people whose dream is to turn the key on a front door closer to the clouds than the pavement, according to property agents and developers.

And penthouses are what they are after.

As more people demand  more conveniences, amenities and facilities in their lives,  property professionals believe some  buyers are  more willing to pay a  premium for  penthouse apartments.

Fredy Wu Yat-fat, director of Hong Kong Property Services Agency, said buyers preferred penthouses rather than traditional isolated houses as the former offered spectacular views.

Better security and lower management cost as well as comprehensive club facilities added to the attractiveness for  wealthy buyers, he said.

Wharf (Holdings) assistant director Ricky Wong Kwong-yiu said:  'Living in the highest apartment with an unobstructed sea view is a symbol of identity.'

This type of property was  designed to capture very rich buyers by giving them unique features such as higher ceilings, internal staircases and private roof gardens as well as  better-equipped kitchens and toilets, he said.

Keen demand for penthouses in various districts has been seen over the past few  months.

The latest example is the $15 million sale of a 1,700 square feet furnished penthouse at The Orchards in Quarry Bay  this week.

Last week, developer Swire Properties  sold a 1,508 sq ft  furnished penthouse at The Orchards for $14 million, or about $9,300 per square foot, marking a new record in the district since prices in the property market began to fall in 1998.

The price tag is almost  double the average $4,000 to $6,000 per square foot standard unit sale price,   according to Swire Properties.

Other developers garnered  good  responses to the sale of their  penthouses  even though  buyers were charged a high premium above  standard unit sale prices.

Sino Land  sold eight 1,000 sq ft penthouses at Oceania Heights in Tuen Mun, due  for early 2005, at between $2,800 to $3,600 per square foot. Standard units are selling at between $1,600 to $2,300 per square foot.

It also sold two 2,000-sq ft duplex penthouses at Island Resort in Siu Sai Wan for about $5,000 per square foot.

The asking price for another 16 sea view duplex penthouses at Island Resort recently has been lifted to $6,500 to $7,500 per square foot amid the increasing demand, according to the developer.

To tap the improving sentiment, Sino Land is decorating a duplex penthouse show flat at Central Park at Olympic Station to promote 16 duplex penthouses with about 2,500 sq ft each, targeting $5,000 to $7,000 per square foot.

PCCW Infrastructure said 13 duplex penthouses ranging from 2,676 sq ft to 4,091 sq ft at its Residence Bel-Air in Pokfulam were sold at an average of more than $7,000 per square foot.

Most of the penthouse buyers were local end users.

'Penthouses have greater potential price appreciation in the long run but speculators are unwilling to pay for such a high premium,'  Mr Wu said.

Mr Wong  said most of the potential buyers were industrialists who  often travelled to the mainland.

The traditional luxury residential areas such as The Peak and Mid-Levels had inferior accessibility, he added.

Sorrento phase two at Kowloon Station, developed by a consortium led by Wharf, has two duplex penthouses for sale. The project is due to be finished by early next year.

Sorrento comprises about 2,000 units but only two - on the 81st and 82nd floors - are four-bedroom duplex penthouses each covering  2,700 sq ft.  The asking price was between $8,000 to $10,000 per sq ft, compared with the average price at $4,500 per sq ft for the remaining 150 standard units, said Mr Wong.

Wharf is also releasing the completed remaining units at Bellagio in Sham Tseng for sale. Mr Wong said Bellagio  had 16 penthouses  and more than half were sold.

Units with full sea views were going for $3,500 to $4,000 per square foot,  a 10 per cent to 15 per cent premium compared with standard units, he said.



Living high new dream for the privileged few