Race is on to attract buyers in luxury villa market

Competition for buyers is heating up in the luxury villa market in the New Territories, with more than 700 new villas to be put on sale shortly.

Henderson Land Development's 535-townhouse project, Beverly Hills, in Tai Po and Sun Hung Kai Properties' 160-villa development, the Vineyard, in Yuen Long have made an aggressive push to lure buyers.

Private developers with smaller projects in Yuen Long will also be putting villas on sale.

No official timetable for these projects has been released but property agents say developers' launch strategy would take into account the result of yesterday's land auction of a luxury residential site at 12 Mount Kellett Road on the Peak.

'With an array of luxury projects up for grabs, the segment in the New Territories is getting exciting,' said Chris Wong Ho-chung, a director for New Territories at Centaline Property Agency.

While Beverly Hills, built on a mountain slope, offers unobstructed sea views, the Vineyard is focused on selling its French-style garden and vineyard, he said.

Ahead of the official launch, Henderson Land said five town houses at Beverly Hills had been sold. A 5,936 square foot house sold for HK$69.88 million or HK$11,772 per square foot which was comparable to luxury home prices in urban areas.