Property developer Sun Hung Kai Properties has sold 300 units at its Larvotto project in Hong Kong over the past two weekends.
Sun Hung Kai and its partners, Paliburg Holdings Ltd and Kerry Properties Ltd, have brought in a total revenue of HK$8 billion (S$1.4 billion) from the sale, said Victor Lui, an executive director at the agency arm of Sun Hung Kai.
Mr. Lui said the property developers will release another 64 units for sale this week.
Luxury home demand in Hong Kong remains strong despite the government’s attempt to curb home price increases that hit 38 percent since the start of 2009 amidst growing concerns that homes in the city-state are becoming way too expensive.
According to Jones Lang LaSalle, prices of luxury properties in Hong Kong may surge 20 percent in 2010 due to low interest rates and lack of supply.
“The atmosphere is very hot,” said Louis Chan, managing director of residential sales at Centaline Property Agency Ltd. “There’s a lot of momentum in both new and used home markets.”
Apartments at the 715-unit Larvotto, which have been selling for HK$30 million on average, range between 1,500 sq ft and 2,500 sq ft in size.
Hong Kong developers sell units in batches rather than launching them all at once, to take advantage of the rising property prices.