Surging luxury property prices spur firm to sell 48-unit block
Wharf (Holdings) aims to cash in on surging prices in the luxury residential market by selling a three-year-old housing block on the Peak for about $3 billion.
Emboldened by the record price Sun Hung Kai Properties (SHKP) said it fetched for a flat at the Arch in West Kowloon, Wharf plans to sell the 48 residential units at No1 Plantation Road for about $30,000 per square foot.
This would be a new high for the area, where prices range from $16,000 to $22,000 per square foot, according to property agents.
'When a residential project at Kowloon Station can be sold for more than $30,000 per square foot, we are confident that the appetite for apartment blocks in a traditional luxury residence at the Peak will be strong,' said Ricky Wong Kwong-yiu, a director with Wharf Estate Development.
Wharf's announcement came a day after SHKP sold a 5,353 square foot penthouse at the Arch, near Kowloon Station, for a record $168 million, or $31,300 per square foot.
'Developers have been testing the market with higher and higher selling prices,' said Centaline Property (Holdings) chairman Shih Wing-ching.
