Luxury home deals soar in first quarter

Luxury home deals on The Peak and in the Southern District jumped 1.4 times to 22 in the first three months of 2024 over the previous quarter, and the turnover soared over 13 times to HK$3.4 billion, Midland Realty said.

Among them, there were six deals worth more than HK$100 million, versus none in the fourth quarter of last year. Three new luxury homes were sold in the first quarter worth HK$1.27 billion, and 19 deals were reported in the secondary market for a total of HK$2.14 billion, said Midland.

A house was sold for HK$333.55 million at Mount Pokfulam yesterday, a project co-developed by Wang On Properties (1243) and Kam Wah Property.

And a 1,290-square-foot unit with a roof top at The Avenue 2 in Wachai was rented out for HK$115,000 per month by an expat.

Meanwhile, the mass residential market continued to remain active. New projects raised prices and reduced discounts after drawing buyers from the secondary market, which recorded more losses.

CK Asset (1113) revealed its the fifth price list, putting up 96 units at Blue Coast in Wong Chuk Hang for sale. The average price after discounts was raised by 4 percent to HK$25,307 per square foot.

The fourth price list had an average price of HK$24,289 per sq ft after discounts. CK Asset has increased prices four times since the initial price list, which hit a five-year low with an average of HK$ 21,968 per sq ft.

CK Asset executive director Justin Chiu Kwok-hung said that all flats for the phase 3B of Blue Coast have been put up for sale. The company plans to release the phase 3C in the middle of this year, hoping that selling prices will stay ahead of costs to ensure no more losses.

The average cost per sq ft for Blue Coast is HK$28,000.

A total of 413 units have been sold so far, around 98 percent of flats in the first round of sales. The developers have raked in HK$7.6 billion with an average transaction price of HK$24,000 per sq ft.

In other news, OnMantin atop Ho Man Tin MTR station, which was jointly developed by Great Eagle (0041) and MTR Corp (0066), may be launched as early as this month. The project comprises five towers with 990 homes and is estimated to be completed in March 2025.

Star Properties has put up 57 flats for sale at After The Rain in Yuen Long, carrying an average price of HK$13,992 per sq ft after discounts.

K&K Property put up 10 flats for sale at One Stanley, located at 128 Wong Ma Kok Road, for tender yesterday.

And Henderson Land (0012) has adjusted its price lists for Square Mile in Tai Kok Tsui to reduce discounts that were offered during the Spring Festival.

In other news, a two-bedroom flat in Euston Court in Hong Kong Island saw a HK$1.4 million loss when it was sold for HK$8 million. The seller had bought the unit for HK$9.4 million in March 2023, which depreciated roughly 15 percent in a year.