>

>

Hong Kong flats sell for record price, defying latest home curbs

By Jill Mao

/ Bloomberg |

November 11, 2016 9:53 AM SGT

Join our Telegram channel and follow our Facebook for the latest update.

Wheelock Properties sold adjoining luxury flats in Hong Kong’s exclusive Peak neighbourhood for a record price, days after the government rolled out curbs to cool the property market.

The 8,702-sq-ft adjoining flats in the Mount Nicholson project were sold for HK$912 million ($117.6 million), with the price psf exceeding the previous record at the project by 23%, according to the company. The buyers also purchased another unit at the Mount Nicholson project for HK$312 million, says the developer.

The deal came just three days after Hong Kong’s leaders moved to damp Hong Kong’s resurgent property market, where prices have climbed after a six-month dip. The government on Nov 4 announced plans to raise the stamp duty to 15% for all residential purchases — except for first-time buyers who are permanent residents.

Investors who are permanent residents now have to pay a 15% stamp duty on home purchases, while non-residents need to pay 30%.

The Mount Nicholson project is a joint venture between Wharf Holdings and Nan Fung Group, and developed by Wheelock Properties. The developers recently sold another pair of adjoining flats in the project for HK$749 million, or an average price of HK$85,000 psf. — Bloomberg LP

Tags:

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Sapphire Windows’ Liews: Beyond providing a room with a view

2

Keeping cool in an east-west-facing house with modern glass windows

3

Far East Shopping Centre’s $908 mil en bloc deal aborted

4

Luxury living in the new heart of Bukit Timah

5

Grandson of Genting Group founder leads Cover Projects, carves niche in Singapore’s heritage properties

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00