Developers in Hong Kong are launching more luxury units on the market, amid government cooling measures, while staying confident of strong support from wealthy Chinese buyers.
“The effects of government measures have already been seen. Mortgages have been tightened," said Victor Lui Ting, executive director of Sun Hung Kai Real Estate Agency.
Sun Hung Kai Properties is planning to sell more units at the Imperial Cullinan project above the Olympic MTR Station, with the first batch of units to be priced between HK$20,000 psf and HK$25,000 psf.
According to a report by The Standard in HK, one potential buyer has reserved a 3,532 sq ft flat for HK$170 million. This translates to around HK$48,00 psf, a potential record price for an apartment unit located atop either the Olympic or Kowloon MTR station.
Another buyer has also reserved a 2,523 sq ft flat with a private swimming pool for HK$120 million (approximately HK$47,000 psf).
“There are a total of 10 specialty units in the project, sized (between) 2,600 sq ft. The psf price of four of them, sized between 3,000 (and) 3,600 sq ft could reach new highs in the district,” said Allen Woo, Senior Sales and Marketing Manager at SHKP.
Meanwhile, K Wah International also plans to launch several units at the Chantilly, a residential project along Stubbs Road in the East Mid-Levels.
One of the 3,650 sq ft units on the list has a minimum price tag of HK$76.65 million (around HK$21,000 psf).
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