bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

urlAlias

moreOnThisArticles

sponsorType

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

Kenneth Ko

KERRY PROPERTIES is selling a penthouse unit at Tregunter Tower II in Mid-Levels, capitalising on bullish market sentiment and strong buying interest.

The 6,143 square foot apartment, a rare  find in this exclusive district, carries a listed price of  $80million.

Semy Ng,  senior marketing manager of Kerry Properties subsidiary  Kerry Real Estate Agency, is confident  the sale will attract both end-users  and investors.

The penthouse, originally held for lease, is being put on sale as buyers show a keen interest in luxury apartments.

Ms Ng said the property's exclusive location in Mid-Levels and its spacious living area would appeal to buyers.

'With four en-suite bedrooms, the penthouse is very spacious and comes with special features that make it unique  in the market.'

The master bedroom has its own balcony, and the apartment boasts an internal spiral staircase leading to a 1,100 sq ft private roof  with Peak Tower views.

The living and dining rooms, kitchen and maids' rooms are on the lower floor, with all the bedrooms on the second floor.

'Special units like this penthouse are particularly appealing as many buyers are looking for something unique,' Ms Ng said.

'Buyers are often willing to pay a premium for these special units.'

Kerry Properties recently sold a 4,620 sq ft apartment on the 51st floor of its newly completed Branksome Crest for about  $130 million. This represents an average price of $28,138 per sq ft, a record high for luxury apartments in Mid-Levels.

This unit with four en-suite bedrooms sold at a   premium because of its attractive features, including a private swimming pool eight metres long.

Keith Cheung, director of the residential department  at FPDSavills, the sales agent for the Tregunter Tower II penthouse, expected  luxury prices  to pick up another 15 per cent to 20 per cent in the next 12 months.

'Special units like penthouse apartments can see strong price growth due to their unique appeal,' he said.

Some buyers and end-users preferred top-floor or penthouse apartments rather than houses due to their better security and higher efficiency in useable floor space,  he said.

According to FPDSavills, only two luxury residential projects - Branksome Crest and Sino Group's Bowen's Lookout - were completed in Mid-Levels this year and there will be virtually no new supply of projects in the district in the next two years.

Luxury residential prices have increased by about 50 per cent this year, or an accumulated 73.1 per cent rise from the market trough in 2003.

Mr Cheung said luxury homebuyers included local industrialists and entrepreneurs, people upgrading their living conditions and a small number of mainlanders.

He said luxury rents, which had lagged behind sales prices, should catch up and rise at a faster pace to support the continuous growth momentum of the market.

Kerry Properties holds a total of 83 apartments in Tregunter Towers I and II. Except for the penthouse on sale now, all units are being held for long-term investment and lease purposes.

Ms Ng said the group was positive about the luxury residential outlook and expected to see further price growth in coming years in view of the strong market fundamentals.

She said the Tregunter Tower apartments recorded a high occupancy and provided steady rental income.

To expand  its luxury property portfolio further, Kerry Properties is developing a new project in Ho Man Tin, one of the most prestigious residential areas in Kowloon.

Located at No. 15 Ho Man Tin Hill Road, the project will provide a total of 69 apartments in a 45-storey tower.

Standard units measure about 2,000 sq ft to 2,400 sq ft each with three simplex and penthouse units of more than 4,000 sqft.

The project is expected to be completed in early 2006.



Spacious $80m Mid-Levels penthouse a rare find