Revamped Wylie Court units selling at premium

Following the makeover of the 24-year-old Block A at Wylie Court in Ho Man Tin, New World Development is marketing the flats at prices that are 57 per cent to 81 per cent higher than those for units in other blocks in the development.

Is the premium worth it?

Wylie Court comprises five residential blocks. Two are still owned by the government for staff quarters, and the flats in two others have been sold to individual buyers since the project was completed in 1985.

Block A was owned by the government and used for accommodating staff and leasing, but in late 2006, the block was put up for tender. New World Development won with a bid of about HK$411 million or HK$5,329 per square foot.

New World then set about renovating the 20-storey building, adding a swimming pool and upgrading appliances in the flats. It said the renovation cost about HK$2,000 per square foot, and since the building comprises 40 2,002 square foot flats, the renovation bill would have been about HK$160 million.

New World Development has now launched the units at prices ranging from HK$8,500 to HK$13,550 per square foot. The special unit on the top floor with a rooftop is subject to offer.

The average asking price for flats in the two blocks in the same estate owned individually is about HK$7,000 per square foot, according to Philip Ng, a sales director at Centaline Property Agency.