Prices for flats in phase one of Celestial Heights in Ho Man Tin, a luxury residential property developed by Cheung Kong (Holdings) and Nan Fung Development, have dropped in the secondary market in the past few months.
Phase one, launched a year ago, was built on land that formerly housed Homantin Police Station's married quarters. Cheung Kong paid HK$9.4 billion for the site in 2004 - the second-highest bid in Hong Kong land auction history.
A four-bedroom, 2,068 sqft harbour-view property was sold for HK$9,961 per sqft early this month. The seller, who bought the flat in May last year for HK$23.2 million, made a loss of HK$2.6 million because the property sold for HK$20.6 million.
A three-bedroom 1,636 sqft flat with a view of Victoria Harbour sold for HK$11,705 per sqft last week. The seller bought the property in May last year for HK$24.05 million and sold it for HK$19.15 million, making a loss of 20 per cent.
Phase one almost sold out at its launch last year and the recently launched phase two is scheduled to be completed next year.
Flat sizes range from 1,636 to 2,600 sqft, with garden or harbour views. All flats come with a balcony. Clubhouse facilities include outdoor and indoor swimming pools, and all club facilities, including the play area, are scheduled to open at the end of this year.
Chris Chan, Kowloon luxury district associate director of Centaline Property Agency, said the club facilities were not that much of an attraction for buyers.