A luxury villa located in the Peakhurst project under Kerry Properties has set a new record in the Kowloon district with a sale price of HKD 1 billion. The company stated that the improved investment atmosphere in the market is expected to lead to the launch of more new projects to meet market demand. Meanwhile, other projects are also showing strong sales momentum, indicating investors' strong demand for high-quality residences.
Following the comprehensive lifting of restrictions by the government, there has been a noticeable increase in transaction activity in the Hong Kong property market, especially in the luxury real estate segment.
A luxury villa located in the Peakhurst project, situated in the Mid-Levels of Kowloon, has set a new record in the district with a price tag of HKD 1 billion. Tommy Tang, Director and General Manager of Kerry Properties in Hong Kong, stated that the project has performed exceptionally well, with only one villa remaining, and it is expected to further challenge the high-price levels in the market.
Tang further pointed out that the investment atmosphere has significantly improved following the government's lifting of restrictions. For instance, more than half of the units in The Aster project in Happy Valley, from the same series, have been sold, with many being purchased by investors at prices as high as HKD 29,000 per square foot, demonstrating the strong demand for high-quality residences in the market.
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In addition, Kerry Properties will be launching three brand-new property projects this year, comprising over 2,200 units. Among them, the new project located on Shap Pat Heung Road in Yuen Long will be the first to be launched, expected to go on sale in the third quarter, offering 594 units primarily targeting first-time homebuyers and small families.
Tang explained that despite the fierce competition in the market, due to its prime location in the heart of Yuen Long, the project has attracted the attention of many local families. Therefore, it was decided to launch it in the third quarter to shorten the period between purchase and occupation to approximately one year, better meeting the needs of the target buyers.
Next, the Sea Crest Hill project in Wong Chuk Hang will also introduce a new phase in the second half of the year, including the re-sale of Phase 4A and the brand-new Phase 4B. As for the 13th phase of Sunrise City in Tseung Kwan O, it will depend on the sales progress of other new projects in the area and may go on sale in the fourth quarter.
Regarding the Hing Hon Road project in Sai Ying Pun, originally planned for sale with a total of 156 units, some of which enjoy sea views, Tang stated that considering the current active investment atmosphere in the property market, the company has decided to retain the project as a long-term leasing asset. Currently, 70% of the units have been rented out, and the rental for high-floor units is expected to reach HKD 60 to 70 per square foot, attracting many foreign tenants and Hong Kong university students.
These series of measures by Kerry Properties indicate the company's continued optimism towards the long-term development of the Hong Kong property market, actively adjusting strategies to adapt to market demands and changes.
