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Luxury homes taken off the market as big-ticket buyers refuse to pay top prices

Prices expected to come under pressure after SHKP and New World withdraw from sale units at their top-end projects amid low bids

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SHKP has withdrawn from sale two houses, No 11 and No 12, at its Twelve Peaks project on 12 Mount Kellett Road. Photo: SCMP Pictures

The withdrawal last week by two leading developers of the tender sale for their luxury homes, including one on the Peak, shows new signs of cooling in the top end of the market despite buoyant sentiment in the mass sector.

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Property consultants believe the disappointing results would deter potential buyers, putting pressure on luxury home prices.

"Buyers in such big-ticket transactions are becoming more cautious," said Charles Chan, the managing director of valuation and professional services at Savills.

On Thursday, Sun Hung Kai Properties and New World Development separately announced they had withdrawn from sale seven luxury homes in two projects after the tender bids fell short of their asking prices.

On offer from SHKP were two houses, No 11 and No 12, at Twelve Peaks on 12 Mount Kellett Road, with a saleable area of 3,759 and 3,771 sqft respectively. The tender closed on Tuesday.

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Although SHKP did not disclose the asking prices, consultants expected the developer to sell for more than HK$100,000 per square foot, equivalent to more than HK$370 million for each house.

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