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High-end home demand stable in HK
Source: Bloomberg News |
May 13, 2011, Friday
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HONG Kong's government yesterday sold a site close to the Peak luxury residential area and two other plots above analyst estimates, signaling developers are confident efforts to cool prices won't damp demand for high-end homes.
Sun Hung Kai Properties Ltd bought the site on Stubbs Road on Hong Kong Island for HK$4.49 billion (US$578 million), equivalent to HK$24,829 per buildable square foot, based on calculations by Centaline Property Agency Ltd. It may be sold for HK$4.4 billion, the median estimate of five surveyors and analysts polled by Bloomberg News.
Government curbs are unlikely to dent appetite for luxury apartments in locations where fewer plots are available for sale, said Eva Lee, a property analyst at Macquarie Securities Ltd. The government in November increased property transaction taxes and pledged to boost land supply amid public protests that prices are becoming unaffordable and as the central bank warned about the risk of a "credit-fueled property bubble."
"High-end properties always have better holding value in the long run," Lee said in an interview in Hong Kong yesterday before the auction.
Estimates for the Stubbs Road site, with a buildable area of 180,835 square feet, ranged from HK$3.6 billion to HK$4.5 billion, with the median translating to HK$24,000 a square foot. Victor Lui, executive director at Sun Hung Kai, Hong Kong's biggest developer, said his company made the winning bid.
China Overseas Land & Investment Ltd bid HK$579 million for a site in the Kowloon Tong area. Cheung Kong (Holdings) Ltd paid HK$662 million, 60 percent above the HK$410 million median, for a piece of land in Yuen Long.
Sun Hung Kai Properties Ltd bought the site on Stubbs Road on Hong Kong Island for HK$4.49 billion (US$578 million), equivalent to HK$24,829 per buildable square foot, based on calculations by Centaline Property Agency Ltd. It may be sold for HK$4.4 billion, the median estimate of five surveyors and analysts polled by Bloomberg News.
Government curbs are unlikely to dent appetite for luxury apartments in locations where fewer plots are available for sale, said Eva Lee, a property analyst at Macquarie Securities Ltd. The government in November increased property transaction taxes and pledged to boost land supply amid public protests that prices are becoming unaffordable and as the central bank warned about the risk of a "credit-fueled property bubble."
"High-end properties always have better holding value in the long run," Lee said in an interview in Hong Kong yesterday before the auction.
Estimates for the Stubbs Road site, with a buildable area of 180,835 square feet, ranged from HK$3.6 billion to HK$4.5 billion, with the median translating to HK$24,000 a square foot. Victor Lui, executive director at Sun Hung Kai, Hong Kong's biggest developer, said his company made the winning bid.
China Overseas Land & Investment Ltd bid HK$579 million for a site in the Kowloon Tong area. Cheung Kong (Holdings) Ltd paid HK$662 million, 60 percent above the HK$410 million median, for a piece of land in Yuen Long.
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