Second Barker Road house sold for HK$538m

PUBLISHED : Monday, 25 November, 2013, 3:52am
UPDATED : Monday, 25 November, 2013, 3:52am

Despite cooling measures, buying interest in super deluxe houses is still keen with Hutchison Whampoa selling another house on the Peak for HK$538 million, its second deal within a week.

The price tag for the 5,706-square-foot house plus two car parking spaces on 28 Barker Road represents HK$94,286 per square foot.

Last week, the company sold a 6,863 sq ft house, also on Barker Road, for HK$740 million, or HK$107,825 per square foot, making it the city's third most expensive house.

"The remaining five houses will be kept for leasing," said a spokeswoman at Hutchison.

There are seven houses in the development with sizes ranging from 5,271 to 6,863 sq ft.

Agents said the houses could be leased out for at least HK$1 million a month, or HK$200 per square foot.

Last week's sale also encouraged other developers including Swire Properties and Henderson Land Development to put up their luxury homes for sale.

Swire said it would offer a 5,409 sq ft unit on the 11th floor at Opus, on Stubbs Road in Mid-Levels, for public tender.

According to the tender document, the reference price for the unit is HK$470 million, or HK$86,892 per square foot, which will be make it the most expensive apartment in Hong Kong if sold.

The tender will close at noon on December 12.

Last year, Swire sold a 5,444 sq ft unit on the ninth floor at Opus for HK$455 million, or HK$85,094 per square foot of saleable area, setting a record high for apartments in terms of per square foot in Asia.

For the latest sale of the Opus unit, Swire will pay half of the extra stamp duty as an incentive to the buyer.

Under the cooling measures, the stamp duty for residential properties worth more than HK$21.73 million will increase to 8.5 per cent from 4.25 per cent, if the purchase is for a second home.

The stamp duty for the first home is 4.25 per cent.

Assuming the Opus unit is sold for HK$470 million, the extra stamp duty will amount to HK$39.95 million, with the buyer paying HK$19.97 million under Swire's offer.

Meanwhile, in a bid to capture the improved sentiment for top-end housing sector, Henderson has posted the sales brochure of the luxury residential project at 39 Conduit Road on the government website to prepare for launch in short term.