Hong Kong's priciest pad sold for US$60 million

[minority]

PUBLISHED NOVEMBER 13, 2012
Hong Kong's priciest pad sold for US$60 million
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HONG KONG - A Hong Kong property company has sold a luxury apartment in a Frank Gehry-designed building for an eye-popping price of nearly US$60 million.
Swire Properties said on Tuesday it sold the 620 square metre apartment on the ninth floor of its Opus development for 455 million Hong Kong dollars (US$58.7 million). It did not say who the buyer was.
Local property agents said it was the highest price ever paid for an apartment in the southern Chinese financial center. The sale comes amid growing concern over surging property prices in Hong Kong driven by ultra-low interest rates and an influx of wealthy mainland Chinese buyers.
The Hong Kong government has introduced measures in recent months to cool the market. -- AP

[CondoInterested]

Repeat Post

[Laguna]

http://www.hkej.com/template/propert...title_id=11391
政策影響資金流向 車位熱炒

自「加強版」額外印花稅及買家印花稅已推出超過兩個星期，未受措施影響的非住宅物業頓成市場焦點，其中車位市場「有價有市」，不少車位被投資者熱捧，粗略估計近期發展商推售車位數目高達2000個。事實上發展商積極拆售旗下屋苑的車位物業亦不是近期才出現，年內有不少此類大手成交，如半山壹號，美樂花園，星堤及尚城等。亦是這個原因純車位買賣個案因而被推高，造就今年註冊量較去年上升。

綜合土地註冊處資料顯示，今年首10個月純車位買賣註冊登記數字已合共錄8362宗登記，宗數已突破去年全年8282宗。若計入近期成交的車位在內，全年車位的註冊有機會突破萬宗水平。事實上，年內首10個月純車位個案佔整體物業(包括住宅及非住宅)的註冊個案比率達至8.8%，比率不僅遠高於97年5.3%，並且打破去年7.6%高位，已創有紀錄以來新高。

車位成交急增主要是受到政策的影響，自2010年11月額外印花稅(SSD)措施首次推出後至今已有23個月，純車位買賣宗數約有17290宗，較措施推出前23個月的13704宗大幅增加26%。

反觀，直接受到SSD所影響的住宅物業，則由措施實施前23個月的24.44萬宗，下跌至措施實施後23個月的16.81萬宗，跌幅高達31%，足見純車位表現遠較住宅市場為佳，政策影響資金流向可見一斑。因此是次政府再推出「加強版」SSD，而非住宅物業仍未被納入徵稅範圍內，估計短期內仍會繼續有資金流入這類市場。

還有一點的是摸貨數字的分析，摸貨數字的多寡或多或少亦能反映炒賣的活躍度，同樣以SSD實施前後23個月作分析，住宅摸貨由3904宗大煏減少至745宗，跌幅80.9%；反觀純車位的摸貨則由236宗上升至464宗，升幅高達96.6%。

劉嘉輝
美聯物業首席分析師

[reporter2]

http://www.straitstimes.com/archive/...5-psf-20121114

Designer building unit in HK sells for record $10,755 psf

Published on Nov 14, 2012


The 6,683 sq ft unit at Opus Hong Kong, designed by US architect Frank Gehry, was sold to an unidentified buyer for $72 million. -- PHOTO: ASSOCIATED PRESS

HONG KONG - Swire Properties sold a Hong Kong apartment in a building designed by Frank Gehry for a record per square foot price, the latest sign that the city's property market remains immune to government efforts to cool prices.

An unidentified buyer bought the 6,683 sq ft (621 sq m) unit in Opus Hong Kong in the Peak district for HK$455 million (S$72 million), the company said in an e-mailed statement.

The HK$68,083 per sq ft (or S$10,755 psf) price is a record for the city, said Mr Alnwick Chan, Hong Kong-based executive director at property firm Knight Frank.

Hong Kong Chief Executive Leung Chun Ying on Oct 26 imposed his toughest efforts yet to curb a growing asset bubble in the property market, including a tax on non-local buyers.

Home prices there have more than doubled in the last three years on near-record-low mortgage rates, a lack of new housing supply and an influx of mainland Chinese buyers.

Swire Properties sold the apartment on Oct 17, the South China Morning Post said yesterday, citing Land Registry records.

The previous psf record of HK$63,999 was set by a duplex at 39 Conduit Road, the paper said. The project was developed by Henderson Land Development.

BLOOMBERG

[hutsutau]

http://www.straitstimes.com/archive/...5-psf-20121114

Designer building unit in HK sells for record $10,755 psf

Published on Nov 14, 2012


The 6,683 sq ft unit at Opus Hong Kong, designed by US architect Frank Gehry, was sold to an unidentified buyer for $72 million. -- PHOTO: ASSOCIATED PRESS

HONG KONG - Swire Properties sold a Hong Kong apartment in a building designed by Frank Gehry for a record per square foot price, the latest sign that the city's property market remains immune to government efforts to cool prices.

An unidentified buyer bought the 6,683 sq ft (621 sq m) unit in Opus Hong Kong in the Peak district for HK$455 million (S$72 million), the company said in an e-mailed statement.

The HK$68,083 per sq ft (or S$10,755 psf) price is a record for the city, said Mr Alnwick Chan, Hong Kong-based executive director at property firm Knight Frank.

Hong Kong Chief Executive Leung Chun Ying on Oct 26 imposed his toughest efforts yet to curb a growing asset bubble in the property market, including a tax on non-local buyers.

Home prices there have more than doubled in the last three years on near-record-low mortgage rates, a lack of new housing supply and an influx of mainland Chinese buyers.

Swire Properties sold the apartment on Oct 17, the South China Morning Post said yesterday, citing Land Registry records.

The previous psf record of HK$63,999 was set by a duplex at 39 Conduit Road, the paper said. The project was developed by Henderson Land Development.

BLOOMBERG

exciting new projects are soon expected to test the market, as luxury homes are a rare commodity. Although market sentiment has cooled, rich local families and wealthy overseas investors, notably cash-rich mainlanders, are still waiting in the wings to seize an opportunity when it presents itself.

Two long-awaited luxury developments on The Peak are expected to go on market in the coming year. Twelve Peaks has been developed by Sun Hung Kai Properties (SHKP) at 12 Mount Kellett Road, while the other project is a joint venture between Wharf (Holdings) and Nan Fung Development on 103 Mount Nicholson Road.

Twelve Peaks provides 12 spacious homes, measuring about 6,000 sq ft to 9,700 sq ft. The developer is expected to sell the houses at an average price of HK$80,000 per square foot at least.

Louis Ho, director for The Peak, Island South, Central and West Mid-Levels at StatelyHome, says transactions in the luxury sector have fallen sharply since the government's October surprise, when it introduced punitive measures to stabilise the market. It introduced a new property tax for non-permanent residents and corporate buyers, while lengthening the period of the special stamp duty.

Market response to projects on The Peak should shed light on sentiment towards luxury houses.

"The supply of luxury houses on The Peak is very limited. Developers and landlords are in no hurry to sell these properties at lower prices as they are very rich," Ho says. "Superdeluxe houses on The Peak are like collectables. People who really like them will pay more. Of course, the sales response of luxury properties will be subject to overall market conditions."

He says some mainland buyers are still looking around for suitable luxury properties, but they are anticipating concessions and better offers from sellers. However, developers and owners tend to be firm and remain positive about long-term sales prospects.

SHKP acquired the site for Twelve Peaks at a price of HK$1.8 billion through a government auction in 2006, representing an average price of HK$42,000 per square foot.

William Lau, sales director of Midland Realty, says houses on The Peak still cost about HK$60,000 per square foot or more in the secondary market, but there are very few properties available. He believes SHKP will grasp the right moment to release its Twelve Peaks houses, which are expected to grab market attention. He says it would not be a surprise to see the project achieve a selling price of more than HK$100,000 per square foot.

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