Park Island property update
Transactions were again been low over the last month, which is not good news for Park Island Real estate agents who make the bulk of their money on property sales.
Prices of those properties that did sell last month however again hit absolute record highs.
Over the weekend, Sun Hung Kai sold all of its first 50 apartments in its The Wings development at Tseung Kwan O, with a penthouse selling for HKD $20,000 per square foot. Agents I have spoken to think these good sales results will likely lead to higher prices for Park Island, although they don't see a big pickup in sales transactions happening until the recent stock market volatility starts to show signs of stabilization.
What's the story with phase 6? - They seem to have been sitting there finished and unoccupied for a year - Any insight from your sources?
ReplyDeleteAccording to the HK Standard on Nov 4th, since your post SHKP have reduced the prices at the Wings by 30 percent. I doubt if this will lead to higher prices for Park Island !
ReplyDeletehttp://www.thestandard.com.hk/news_detail.asp?we_cat=2&art_id=116733&sid=34333030&con_type=1&d_str=20111104&fc=7
Bill - regarding Phase 6, there are many stories I have heard about what is happening with them.
ReplyDeleteOne is that Sun Hung Kai are planning to do a luxury refurbishment internally of them before selling. Another is that they have already been "sold" to a 3rd party who will then onsell them in an "official launch".
Another theory is that SHK have applied for private car parking for those villas, and so are waiting for approval before selling.
In terms of prices, I have in the past heard they are looking at 20,000 per square foot for these. I am not sure how accurate this is, although there is clearly a high-end market demand for a villa with absolute ocean views.
Clearly they are not going to sell these in Q4 of 2011. Perhaps Q1 or Q2 of 2012? They might be just waiting for things to settle down a little on the financial markets, or for the HK Govt to ease off a little on all the various measures it put in place to stop the surge in prices.