Swire Pacific release last two units at super deluxe Opus Hong Kong for sale

The passion for Hong Kong’s super deluxe homes by mainland Chinese has not disappeared despite their purchases being stalled by rising stamp duties.

Louis Ho, a director at Stately Home, a luxury residential department under Centaline Property Agency saw many mainland buyers who become Hong Kong residents remain active in the market.

“They are no different from local rich families as they have accumulated substantial wealth after doing business in Hong Kong for more than a decade. They know Hong Kong very well. As developers offering luxury homes at less aggressive prices, they hope to take this opportunity to look for top quality properties,” he said.

One case in point was a majority shareholder of Hong Kong-listed China South City Holdings who was revealed as the buyer for the HK$387 million apartment on the 5th floor of Opus Hong Kong in the Mid-Levels section of the city.

Chen Hong Tian and Chen Li Ni Yao, who both jointly hold a 12.53 per cent stake in China South City, were the buyers for the 5,154 square-foot unit, according to the Land Registry.

The couple bought the apartment early September and the price tag translates into HK$75,087 per square foot.

Chen cannot be reached for comment.

On Wednesday, Swire Pacific released the last two apartments that are currently rented out at Opus Hong Kong for sale on a first come, first serve basis.

The 5,132 sq ft flat on the third floor is being offered for HK$395 million, or HK$76,815 per sq ft, while the second of 5,444 sq ft unit plus a 1,508 sq ft roof on the 12th floor is for HK$520 million, or HK$95,518 per sq ft, according to information on the website of the register of transactions of residential properties (first-hand sales). Buyers will be entitled a period of up to two years to complete the transaction.

A spokesman of Swire attributed the arrangement to “the two units are currently leased and Swire remains the landlord until expiry of tenancy. But the two units will be handed over to the future buyer in a vacant condition.”

After putting a down payment of 20 per cent of the purchase price, the outstanding balance of 80 per cent for the one on 3rd floor shall be paid on or before December 27, 2016, while the deadline for the 12th floor unit is July 29, 2017, according to the website.

Buyers who purchase on or before October 31, will receive a two per cent discount and an incentive of 4.25 per cent to offset the extra stamp duty.

At the same time, Sino Land will release seven units at the 27-unit Cluny Park at 53 Conduit Road for tender and this will close on October 8. Indicative prices for the seven units, with areas ranging from 1,223 to 2,369 sq ft, are HK$40,000 to 56,000 per sq ft, or HK$49 million to HK$144 million each.