Despite concerns about long-term issues facing the property market, prices of deluxe houses are strong across Hong Kong, as wealthy buyers scramble for rare properties in their search for dream homes to live in or for investment.
Exclusive houses on The Peak and in Island South are not the only ones in demand. The search for luxurious living in town houses or detached houses extends to the New Territories, with projects such as Valais and St Andrews Place in Fanling, Legende Royale in Tai Po and Peak House in Sha Tin setting new benchmarks for high-end properties.
At the end of last year, a 3,363 sq ft house at Severn 8 on The Peak changed hands for HK$198 million, or HK$58,876 per square foot. A 4,307 sq ft old house at Yue Hei Yuen in Peel Rise was sold for HK$220 million, or HK$51,070 per square foot, in January.
In April, a 4,396 sq ft house at Le Palais in Tai Tam was sold for HK$117 million. A 3,279 sq ft house at 56 Repulse Bay Road exchanged hands for HK$160 million. In Kowloon, a 7,283 sq ft house at 1 Oxford Road, newly built by China Overseas Land, netted HK$171 million.
Among the properties on the market is 5 Henderson Road in Jardine's Lookout. The two-storey house has a saleable floor area of 8,579 sq ft spanning a site area of 15,691 sq ft.
Wally Lau, senior manager of Savills Realty, says it is very rare to have such a large house, with six bedrooms, but it has received several serious inquiries.
'The market sentiment is very positive. The supply of deluxe and spacious houses is really scarce and we see strong demand from mainlanders - upgraders and cash-rich buyers,' Lau says.
