Hong Kong property developers ready luxury projects amid expectations of high demand following China border reopening

A partially reopened border will make it easier for interested buyers from the mainland to possibly visit properties, Wheelock executive says

Reopening of the border will definitely help with sales, especially those of residential units, says executive of developer Empire Group

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Wheelock expects to start taking reservations sometime over the next few weeks for private visits to four penthouses at Mount Nicholson. Photo: Martin Chan

Published: 8:30am, 17 Nov 2021

Hong Kong property developers are looking to release more expensive homes in the city’s The Peak and New Territories districts in anticipation of the reopening of the border with mainland China.

Wheelock Properties, for instance, expects to start taking reservations for private visits to four penthouses at Mount Nicholson, Asia’s priciest address, sometime over the next few weeks.

“It is expected that, in short term, the border may be reopened partially. This may make it more convenient for interested buyers from the mainland to possibly pay visits [to properties],” said Ricky Wong, Wheelock’s managing director. “We thought it would be the right time.”

The city’s border with mainland China is expected to reopen partially next month as part of a pilot involving daily quotas for Guangdong province only, followed by an expansion in February that will allow mass events. A full reopening allowing quarantine-free travel is expected by June at the latest.

The importance of buyers from the mainland is highlighted by the sale last week of Flat 16D and three car parking spaces at Mount Nicholson, which were marketed by Wheelock and fetched about HK$640 million (US$82.2 million) or HK$140,800 per square foot, the highest price per square foot for flats in Asia.

The sale of a flat and three car parking spaces at Mount Nicholson last week fetched the highest price per square foot for flats in Asia. Photo: Handout

Flat 16D as well as 16C were sold to “new Hongkongers”, or mainland Chinese who had acquired permanent residency in Hong Kong, for a combined HK$1.2 billion. The buyers were likely to keep the flats for their own use, Wong said.

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