The luxury residential market is poised to rebound as more prestigious homes are launched in the coming months. Property consultants said the fresh round of new supply would trigger a buying spree, ending the consolidation period that started in May. The values of top-end luxury properties rose more than 100 per cent in the 12 months before consolidation. Property professionals expect prices to increase by another 10 per cent this year. They said new projects coming on the market in the next six to 12 months would be easily absorbed. FPDSavills senior director Frank Marriott said: 'There are about 200 to 300 products coming to market but [that number] is still minimal.' Apart from Richard Li Tzai-kai's privately owned seven-house development at 28 Gough Hill Road on The Peak, which was put on the market for sale this year, upcoming projects include Tai Cheung Properties' 33 Cape Road, Stanley. Ochtar Capital Partners is set to dispose of its luxury development at 58 Repulse Bay Road, formerly known as Royal Cliff. Simon Li, executive director of Tai Cheung Properties, which will release its 14-house development in Stanley later this year, expected luxury house prices to increase by at least another 5 per cent to 10 per cent by year end. 'Supply of [this type] of house on Hong Kong Island is always limited,' he said. He said the Stanley houses would sell for $10,000 to $15,000 per square foot. 'The market has been quiet for about three months after robust trade. I think the consolidation period will end soon,' he said. Mr Marriott expected prices would not match the strong growth seen in the past 12 months, during which time they rose 100 per cent. 'I don't think prices will go up very much [this year] but quality projects are always in big demand.' He said there would be short supply of luxury houses in the next four to five years. 'There is realistically nothing on The Peak and Mid-Levels after this round of new supply,' Mr Marriott said. He forecast prices would increase 15 to 20 per cent next year. Sales of top-end luxury houses had picked up after most families and investors returned from their summer vacation, agents said. Chinese Estates Holdings majority shareholder Joseph Lau Luen-hung announced on Sunday he had bought four houses at 31 Barker Road from the listed company for $382.79 million. Wendy Gan, sales and marketing director of Pacific Century Premium Development, which is marketing 28 Gough Hill Road, said two houses had been sold and one was reserved. Last Friday, a local businessman was rumoured to have paid $140 million for a Gough Hill house of 5,983 square feet.