Tuesday, January 7, 2020
Martin Hennecke

Luxury home prices fall on grim outlook
Prices of some luxury homes suffered as people take a dim view of Hong Kong's economic outlook. A three-room unit at Residence Bel-Air in Pok Fu Lam changed hands for HK$5 million less than a similar unit seven months ago. The unit, which has an area of 1,076 sq ft, sold for HK$27.65 million or HK$25,697 per sq ft,10 percent lower than the valuation by banks. The similar unit on an upper floor changed hands for HK$32.80 million in May, before the current unrest erupted. Meanwhile in the primary market, K Wah International's (0173) Kai Tak project KSummit's first batch was oversubscribed 2.5 times, receiving around 800 cheques. General manager Tony Wan Wai-ming said there is room to raise the price for the next batch, which may be launched as soon as next week. Among commercial transactions, three on-street shops in Wah On Building, a 55-year-old building in Tai Po, changed hands for HK$69 million last month. The new buyer is a company which has Martin Lee Ka-shing, co-chairman of Henderson Land Development (0012), as one of its directors. Henderson Land has ownership of the whole building, as it has bought the 24 residential units and two shops, giving it 89.7 percent ownership, from Richfield Realty in September. Richfield acquired the aforementioned properties for HK$248.9 million in January. Meanwhile, CK Asset (1113) sold two units in Ocean Supreme Tsuen Wan after their deposits were forfeited. Both homes have an area of 1,162 sq ft, and sold for HK$26.25 million and HK$26.15 million respectively, higher than the transaction price last year by 5.5 to 8.7 percent. And K & K property Holdings' luxury house Hampstead in Tai Po, which was previously named Kingston Hills and for rental use, recorded three transactions - nearly a quarter of the houses in the project. Elsewhere, Lo Po-yen, wife of Michael Wu Wei-kuo, chairman of Maxim's Caterers, bought a 4,969-sq-ft house at Moorsom Drive in Mid-Levels for HK$241 million.

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