Thursday 23 November 2017

Brokers in Hong Kong report pressure on luxury housing prices

Property prices in newer luxury districts in Hong Kong, notably in parts of Kowloon and further north of the city, have come under pressure due to over-supply and speculation.

Brokers in Hong Kong report pressure on luxury housing prices

Union Square in Kowloon West. The Cullinan is shown alongside the 108-floor ICC building.

December 13, 2013

Speaking to Business Week, Antonio Wu, head of investment at brokers Colliers International, said prices in the established luxury areas, such as The Peak and Mid-Levels, are facing less pressure compared with the newer luxury districts.

In Kowloon West, apartment projects adorned with extravagant club houses and Olympic-size swimming pools were built over the past 10 years, lured to the area by Hong Kong’s tallest building, International Commerce Centre.

As a result of the drop in demand, Sun Hung Kai has offered to pay as much as 70 percent of the stamp duty and other charges for buyers at The Cullinan, a project in the area with average prices of about HK$25,000 a square foot.

At The Austin nearby, a luxury project co-developed by Wheelock & Co., New World and MTR Corp., buyers can get rebates of as much as 100 percent of the extra stamp duties.

However, analysts report that while reduced demand for more expensive units is hurting developers such as Swire Properties and Kerry Properties Ltd., which focus on luxury developments, those that offer property for mass-market buyers, such as Cheung Kong Holdings Ltd. and Henderson Land Development Co., will benefit.

 

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