Demand for luxury apartments remains buoyant as buyers snap up units worth a combined $10b at SHKP development
Buyers still hoping to get a piece of the presale action in Sun Hung Kai Properties' (SHKP) record-breaking residential development, the Arch, have missed out - all units available to the public have been sold for about $10 billion.
Pressed by property agents keen to cash in on Hong Kong's bubbling luxury apartment sector, SHKP has brought forward its sale timetable and says it now only has reserve units on its books.
And the developer, which last week received $168 million for a 5,353 square foot penthouse - a record $31,500 per square foot - is set to top that.
'We have received an offer of $38,000 per square foot for one of the penthouse duplexes,' said Victor Lui Ting, executive director of Sun Hung Kai Real Estate Agency. He said the firm was still negotiating with the potential buyer.
Of the 1,052 units in the 52-storey West Kowloon project, due for completion next year, 800 were sold last week within days of government presale approval.
'The demand is much stronger than I had expected. We can't just hold off on the sale when about a thousand buyers turn up,' said Mr Lui, whose firm splashed out $200 million on show flats at the Arch. Units were sold in a range of prices. Those without a sea view fetched $8,000 to $11,000 per square foot while sea-front units sold for $13,000 to $24,500 per square foot.