ExclusiveCheung Kong’s Harbour Glory almost sold out as buyers shrug off stamp duty move
One family snapped up three units for a combined shopping bill of HK$132 million after a 34 per cent discount.
Cheung Kong Property Holdings, the first Hong Kong developer to put an apartment project on the market after a tightening in the government’s tax policy, said buyers had shrugged off concerns of a higher levy to snap up nearly every one of the 152 units of its Harbour Glory complex.
Four hours after making them available for sale, Cheung Kong had sold 142 units of Harbour Glory at North Point, for up to HK$43,900 per square foot, a record for the Island East district. One family snapped up three apartments for a total bill of HK$132 million after discounts, agents said.
Property buyers “prefer to hold fixed assets, rather than cash, because banks’ savings rates are close to zero and the stock market is volatile,” said Midland Realty’s chief executive for residential department Sammy Po.
The move appeared not to have damped the enthusiasm of customers joining the queue for a chance to bid for Harbour Glory. Up to 30 per cent of the 900 buyers registered their interest for buying multiple number of units, agents and sales executives said.
“One family signed up to buy three units, including the most expensive one” located on the 25th floor, with a list price of HK$106 million,” said Cheung Kong Property’s executive director Justin Chiu Kwok-hung.