Non-local pays more than HK$150 million for six flats at luxury Hong Kong development
Purchase made at Harbour Glory in North Point as Cheung Kong Property sold more than 80 units in second offering; final sale expected to see higher prices
A non-local buyer bought six flats at Cheung Kong Property’s Harbour Glory on Saturday for more than HK$150 million in six separate contracts as the company released a second batch of 143 units at its luxury residential project in North Point.
Within the first hour of release, Cheung Kong had sold 80 units, CK Property executive director Justin Chiu Kwok-hung said.
He said the largest sales deal came from the non-local. It was the biggest number of flats bought by a single buyer since the project was launched.
The buyer will have to pay HK$45 million in stamp duty, or 30 per cent, according to current regulations.
Chiu said other buyers had also purchased more than one apartment.
Nonetheless, he said “the chance is slim” for them to sell all units on Saturday because of the rain.
“The sentiment from buyers has cooled a little from March, but in general it’s still good,” said Sammy Po, chief executive at Midland Realty’s residential department.
He said 60 per cent of the agency’s clients for Harbour Glory were “users”, while the rest were “investors”.
The average price of the second batch of flats was HK$23,000 per sq ft after factoring in discounts of as much as 34 per cent. Prices range between HK$13.7 million and HK$72.2 million after discounts.
The move did not appear to have dampened the enthusiasm of customers joining the queue for a chance to bid for a flat in Harbour Glory.
Property buyers preferred to “hold fixed assets rather than cash”, as banks’ deposit rates are close to zero and the stock market is volatile, Po said.
He expected more transactions next month as new projects come onto the market.
In the second batch of units, the most expensive is a 1,594 sq ft unit on the 29th floor of Block 1, which is being offered for HK$109.4 million.
After discounts, the price will come down to HK$72.22 million, or HK$45,300 per sq ft. If sold, the unit will set a record in North Point.
CK Property said they had released more than 70 per cent of the flats in Harbour Glory. The rest may come to the market in the fourth quarter of this year and the prices may be increased by 10 per cent to 15 per cent.
The government raised the property stamp duty for the second time in three years in November in a bid to tame soaring real estate prices.
