Investors skimming profits from a bull run in the Hong Kong stock market are expected to provide a further shot in the arm for a resurgent luxury homes sector. Some 160 luxury villas - covering houses, detached houses and village houses - sold for a total of HK$11.21 billion in the first quarter of this year. It marked the biggest quarterly tally for deals at the top of end of the market since the second quarter of 2011, at HK$15.57 billion, data compiled by Centaline Property Agency shows. "The optimistic market sentiment will definitely drive sales to new highs. It would not be surprising to see more jaw-dropping deals later this year," said Wong Leung-sing, an associate director of research at Centaline Property Agency. Hong Kong's benchmark Hang Seng Index has surged more than 16 per cent this month, driven largely by mainland stock investors chasing comparative bargains after a sustained share rally across the border. Turnover has seen record highs. "Luxury homes will outperform other sectors this year. Investors will reinvest their quick profit from the stock market into property again," Wong said. The value of deals for villas in the three months to March was 188 per cent higher than the HK$3.89 billion recorded in the final quarter last year, when 144 such properties were sold. "Cash-rich investors will prefer holding properties instead of cash," said Wong, referring to windfalls from the stock market. The first quarter saw 10 transactions for property worth more than HK$100 million, with the largest deal being the HK$5.1 billion record sale of the historic Ho Tung Gardens on The Peak. Exploiting the positive sentiment, developer Sino Land is offering by public tender a 3,860-square-foot house in the Botanica Bay project on Lantau for HK$109 million, or HK$28,320 per square foot of saleable area. The house comes with a 5,232 sq ft garden, a pool and a 1,709 sq ft rooftop. The tender will close at 6pm tomorrow. Victor Tin Sio-un, an associate director at Sino Land, said the project was aimed at those owners already living in houses on The Peak and other affluent areas. "Most buyers are local families who are always looking for bigger houses with bigger gardens. Supply for these products is rare in Hong Kong," he said. The Botanica Bay project comprises 16 houses that are ready for occupation. Vincent Cheung Kiu-cho, Greater China national director for consultancy Cushman & Wakefield, said the wealth effect created by the stock market boom will spill over to the property market. "The impact will be felt gradually by the market," he said.