Two luxury flats at Homg Kong’s exlusive Peak sold for HK$600 million and HK$560 million, with the price per foot setting a new record for Asia at HK$130,206 psf.

The Mount Nicholson beat the previous record by 26%, set two months ago at 39 Conduit Road of HK$105,000.

Stewart Leung Chi-kin, chairman of Wheelock Properties said "many local, mainland and international investors are interested in it. The highest record transaction price reflects the project's quality and the market demand. Thirty bids for the phase III project have been received."

L'Avenue's latest residential 21-flat project, L'Wanchai, has an average psf price of about HK$29,000. The project has fifteen studio flats and six one- bedroom flats

The minimum discounted price of the project is HK$7.88 million at unit 12C, according to the new price list. The 316-sq-ft flat is on sale at HK$24,953 per sq ft. Terry Ng Sze-yuen, chief executive of L'Avenue International Holdings said "Twenty-eight flats have been sold for a total of HK$270 million so far. Half were bought for residential use and half for investment." The developer will launch an 80 percent mortgage plan at prime rate minus 3 percent.

Centaline Property Asia-Pacific residential chief executive Louis Chan Wing-kit said: "The transaction volume is HK$20.15 billion in the first 10 months this year, a record high."

"The individual transactions of luxury flats cannot reflect the real property market situation in Hong Kong. The luxury flats market is special and the buyer's aim is to pay a premium for their own interest but not for investment or necessity," said KK So, partner at Asia Pacific real estate tax services at PricewaterhouseCoopers.

Hong Kong was Asia's biggest investment destination in the first half of 2017, climbing from 18th to 13th place as a potential investment market, says PwC.

For more information about the Mount Nicholson development  or similar projects phone or email Wheelock Properties via the contact details below.

Source: The Standard

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