So far this year, prices have managed to hold firm in the primary property market. Now the market is looking ahead to the line-up of new properties that will be available for the remainder of the year.
Developers are expecting new luxury properties to command high prices, especially for rare super-deluxe residences on Hong Kong Island, although overall market sentiment seems to have slowed in the wake of the euro-zone debt crisis and stock market volatility.
Opus Hong Kong, newly built by Swire Properties on The Peak, is perhaps the most high-profile project. Agents say prices may range from HK$68,000 to HK$80,000 per square foot. As it is the first residential project in Asia that was designed by architect Frank Gehry, who designed the Guggenheim Museum in Bilbao, Spain, Opus comprises two double-level garden apartments and 10 apartments of 6,000 sq ft to 6,900 sq ft, each unique in design and occupying an entire floor of the 12-storey building.
'The completion of Opus Hong Kong continues our vision to bring highly creative and innovative new architecture to the communities in which we work. Frank Gehry has created one of the most significant new designs in Asia,' says Martin Cubbon, chief executive of Swire Properties.
Another Swire luxury project is Argenta in Mid-Levels West, offering 28 three-bedroom apartments with two en suites, each with an area of 2,728 sq ft, plus a double-storey penthouse of 4,450 sq ft and a deluxe apartment of 2,640 sq ft with a roof. Three apartments were reportedly sold at an average price of up to HK$35,000 per square foot.
'The market still looks good, particularly for luxury flats on Hong Kong Island where fewer than 2,000 new flats are expected to come on stream this year,' says Kenny Au-yeung, senior district manager of Centaline's Stately Home.
On The Peak, Sun Hung Kai Properties' (SHKP) luxurious Twelve Peaks, comprising 12 luxury houses, will be a major focus in the primary market this year. Agents say SHKP appears to be taking its time to launch the houses, which are likely to draw exceptional response from wealthy buyers.
