Hutchison Whampoa completes HK$690m house sale on Peak

Hutchison Whampoa sold a house on The Peak for HK$690 million yesterday, its fourth sale at a Barker Road project in less than two months.

The sales have raked in HK$2.5 billion for the developer, with buyers showing little concern for cooling measures and expectations of rising interest rates.

The 6,847 square foot house that sold yesterday, at 28 Barker Road, fetched HK$100,774 per square foot. The three other houses at the development were sold in November and December at per square foot prices of HK$93,113, HK$94,287 and HK$107,825.

The last three houses were still planned for lease, a Hutchison spokeswoman said. However, the house that sold yesterday and another in December were originally for lease, too, and were put up for sale after "many inquiries", the spokeswoman said.

Hong Kong's luxury home market has defied a wider market downturn. Sun Hung Kai Properties sold three houses at Shouson Peak in Deep Water Bay last month for a total of HK$724 million after discounts of up to 8 per cent and a 50 per cent subsidy on stamp duty.

But Swire Properties in December failed to sell a 5,409 sq ft unit in its super-deluxe apartment tower Opus in Mid-Levels, after bidding fell short of expectations. The developer had set a record reference price of HK$86,892 per square foot.

Swire on Friday released the price lists for 28 remaining units at its Dunbar Place project in Ho Man Tin.

The project includes 26 three- or four-bedroom flats and two penthouses, carrying an average price of HK$23,075 per square foot saleable area.

"Further to the successful pre-sales of 25 units, we are confident that these remaining units will be well-received by the market," said Adrian To, residential portfolio director at Swire.

Property sales fell to a 17-year low last year after government cooling measures and new rules on the sale of new homes.