Wharf to sell five flats at exclusive Mount Nicholson development days after bagging Peak residential site in record bid
- The flats will be put on the market on January 1, says Wheelock Properties, the development’s sales agent
- Hong Kong’s luxury housing sector, next to mainland China, is a relatively safe investment, Centaline executive says
Hong Kong developer Wharf (Holdings) is selling five luxury flats through tender at the exclusive Mount Nicholson development on The Peak.
The flats, measuring 4,230 sq ft to 4,601 sq ft, will be put on the market on January 1, Wheelock Properties, the development’s sales agent said late on Thursday.
Mount Nicholson, developed by Wharf along with Nan Fung Development, comprises 19 detached houses and 48 flats in three phases. It has some of Asia’s most expensive homes in terms of square footage. Its location, reputation for build quality and celebrity buyers have made it a much sought-after address for the wealthiest. Only two houses and seven flats are available for sale currently.
The development will set the pace for 2021, said Ricky Wong, Wheelock’s managing director. “Hopefully, in the new year luxury homebuyers will get a New Year present. Hopefully, next year will be easier,” he said.
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Wheelock held discussions with some prospective buyers before putting the flats on the market. “Some luxury homebuyers felt it was the right time to enter the market. Some buyers, after discussions, confirmed” that they would make purchases, Wong said.
When asked if the flats could attract more record-breaking bids, he said a flat on the 15th floor might get “quite a good price”. The shelving of a vacancy tax had eliminated some headwinds for Hong Kong’s luxury housing market, Wong said.
Hong Kong has been hit by its worst recession on record and a fourth wave of coronavirus infections, but luxury homebuyers were more worried about their money losing its value amid quantitative easing and low interest rates, said Louis Ho, principal sales director at Centaline Property Agency.
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“The investment environment remains very poor globally. Hong Kong’s luxury housing sector, next to mainland China, will be a relatively safe [investment],” he said. “It is more than just about living … [it is a] store of value.”
Ho said several luxury projects, such as Sun Hung Kai Properties’ Central Peak, had recently fetched high prices, arousing the interest of luxury buyers. Some were looking to buy at a low point in the market.
“The luxury market is about sentiment. There are opportunities despite risks,” Ho said, adding that rich buyers thought differently about the economy and were usually more forward-looking.
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Home on the Peak of artist Daphne Mandel
Prospective buyers of luxury homes could also consider Central Peak, CK Asset Holding’s project at 21 Borrett Road in Mid-Levels, which is expected on the market next month, Emperor Group’s Central 8 and Dukes Place at Jardine’s Lookout by several developers.
The next project Wharf expects to launch is eight villas at 77 Peak Road.
