With the Covid-19 pandemic on the wane, is it full steam ahead now for the sales of luxury homes in Hong Kong? We find out more.
As the local Covid-19 outbreak appears to be abating, shrewd developers in Hong Kong are looking to fill the void left in the supply by the pandemic, either with the launch of new projects, or by resuming marketing activities that have been put on hold in the past few months.
From now until the Lunar New Year, a more diverse supply of properties – off-plan and new-builds – will continue to test the market’s appetite for luxury homes. As buyers and investors are presented with more choices, it’s increasingly important for developers to differentiate their offerings.
St George’s Mansions
Sino Land reports that it sold a luxury home in St George’s Mansions, the upmarket project designed by Robert A M Stern’s New York firm RAMSA, for HK$238 million – or HK$71,471 per square foot, which is likely the highest price for domestic property so far this year.
Secluded in a prime location on Kadoorie Avenue, St George’s Mansions comprises three towers that together house 175 residences. The design concept is remarkably unobtrusive and sensitive to the traditional architecture and natural surroundings of the historically significant Kadoorie Hill neighbourhood.
Poggibonsi, Discovery Bay’s latest residential project, is now complete and is being handed over to its buyers, according to HKR International. In August, at least five homes were sold to the same group of buyers, fetching a total of HK$66.8 million, and by the end of the same month more than 100 homes in the project had been taken.
Occupying a lovely area of waterfront, Poggibonsi comprises three blocks housing 196 units, ranging in size from 344-square- foot studios to 1,844-square-foot four- bedroom apartments. Most units enjoy south-easterly or southerly aspects with views over surrounding trees or the sea, with Hong Kong Island in the distance.
Sun Hung Kai Properties recently named a residential project in suburban Shatin as St Michel, which will be launched on to the market shortly. Currently under construction, St Michel is the first phase of a larger development and comprises 196 three- and four-bedroom flats, ranging in size from 920 to 1,500 square feet.
Although within a short walking distance of the City One and Sha Tin Wai MTR stations and shopping facilities, the location is surrounded by greenery and overlooks downtown Shatin from an elevated position.
Located on Lai Ping Road in the Kau To Shan area, Mount Regalia recently saw a four-bedroom, 2,436-square-foot penthouse, sell for HK$98 million – about HK$40,230 a square foot, according to Regal Hotels International, one of the developers. Prior to this big-ticket deal, two properties, both at 2,107 square feet, were sold for more than HK$44 million in the same month.
Overall, Mount Regalia comprises seven medium-rise blocks, each 11 storeys tall. Units range in size from 1,600 to 3,300 square feet, including premium apartments with private terrace, garden or rooftop terrace. A collection of 24 luxury houses, ranging in size from 2,200 to 5,000 square feet, are also available within this gated community.
In Australia and Canada, private senior housing that provides care services across the continuum is nothing new, but premium senior housing is a relatively new concept in Hong Kong. Situated in Happy Valley with views over the racecourse, Ventria Residence is an upmarket senior living development that integrates hotel-like services with comprehensive medical and nursing care.
In addition to services typically found in fully furnished serviced apartments, Ventria Residence offers independent-living, assisted-living and memory-care programmes. The project team has also given serious thought to the building’s infrastructural set-up and interior design. Now under construction, Ventria Residence is set to open by the end of 2022.
Small- and medium-sized developers are also seizing the opportunity to market their stock. Top Dollars Development, for example, has recently launched its Triazza project for sale. Located at 383 Tai Po Road, it’s conveniently set near the junction of Caldecott Road, which leads to the arterial Ching Cheung Road. The complex comprises three blocks offering 35 flats, which are primarily laid out in three- and four-bedroom configurations that range in size from 1,352 to 2,496 square feet.
Sino Land’s big-ticket transaction at St George’s Mansion coincided with the developer’s HK$39.7 million sale of a 1,239-square-foot special unit at 133 Portofino in Clear Water Bay. It’s noteworthy that 133 Portofino was the first housing project in Hong Kong to receive WELL Core v pre-certification, followed by St George’s Mansions and Sino’s new commercial development in Wong Chuk Hang. WELL is the world’s first architectural benchmark that focusses exclusively on sustainability through human health and wellness.
In Kau To Shan, the exclusive neighbourhood above Shatin, CK Asset is marketing El Futuro, a low-density project boasting spectacular views over the Shing Mun River that extend out to Tolo Harbour, with the Ma On Shan Country Park as a backdrop. The entire development includes 244 flats configured with two, three and four bedrooms, a layout mix that’s rare in this neighbourhood. A further 22 houses are reserved for those who demand more privacy.
Located near the front of Lai Ping Road, the complex is discreetly perched on an elevated plot in the foothills of Kau To Shan, offering a high level of privacy unmatched by other large-scale developments, according to the developer.
Kerry Properties’ Mont Rouge is perched majestically on Beacon Hill immediately above Kowloon Tong, in one of the most popular big-ticket neighbourhoods of Hong Kong.
For views, privacy, convenience and space, Mont Rouge is in a league of its own. Blessed with sweeping views across Kowloon to Victoria Harbour and Hong Kong Island, this exclusive location avoids the hustle and bustle, but is nonetheless well connected to the city. Most residences enjoy southerly aspects that flood the rooms with fresh air and natural light.
Built in a low-density zone, the development offers “oversized” homes that include five villas (from 5,128 to 7,171 square feet), 14 houses (2,846 to 2,876 square feet), 24 family-sized apartments (1,656 to 1,760 square feet), as well as two 3,017-square-foot luxury penthouses.
8 Deep Water Bay Drive
In mid-October, Nan Fung Group announced that it had sold a 2,865-square-foot home at 8 Deep Water Bay Drive on the Southside of Hong Kong Island for around HK$174 million, which is roughly equivalent to HK$61,000 per square foot. By mid-October, a total of 12 luxury homes at the development were sold, generating some HK$3.19 billion of revenue for the developer.
Secluded in a low-density enclave off Deep Water Bay Drive, the building offers a collection of 52 residences that range in size from 2,865 to 8,475 square feet, each of which is thoughtfully positioned to command spectacular views.
Sun Hung Kai Properties is at last offering homes for sale in Central Peak, the company’s prime Mid-Levels residential project, after a 10-year wait.
The complex comprises five low-rise blocks, each six storeys tall, that together provide 53 family-sized dwellings. The layout mix (1,649 to 2,962 square feet) includes three- and four-bedroom flats, in addition to special units that come with outdoor space. The developer expects each to fetch at least HK$70,000 per square foot, based on the valuation of comparable properties.
The luxury clubhouse features a 43,000-square-foot communal landscaped garden as its centrepiece, with a range of facilities that includs a 20-metre-long outdoor pool, a fitness room, spa and multi-purpose rooms.
It’s believed that developers are gauging market interest in other super-luxury homes that are currently in the pipeline. Wheelock Properties, for example, is rumoured to be waiting for the right time to offer two luxury residences it redeveloped at 77-79 Peak Road, making a total of eight new dwellings of 6,000 to 8,000 square feet. CK Asset, on the other hand, has yet to announce when it will market the long-awaited Borrett Road project, which comprises 181 luxury homes, in spite of the fact that the project is now more or less fully complete.