Anacapri Park Island Prices Announced
Below is the price list for Anacapri on Park Island released today by Sun Hung Kai.
The list is for the "middle apartments", which means those which are not ground floor with garden units, or top floor with roof units.
Prices seem reasonable, and are priced at between 7000 to 8000 per square foot. So for a 1000 square foot apartment in Anacapri, you are looking at around HKD $7-8 million. Really pretty good value in my opinion, and lower that what I had thought they would be given the high quality of the development.
Based on feedback from agents, it seems he top floor and ground floor prices are expected to be around 14,000 to 19,000 per square foot.
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| Anacapri Price List |
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| Anacapri Price List |
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| Anacapri Price List from Sun Hung Kai |
I wonder what this relatively low pricing of Anacapri reveals about the Hong Kong property market? Property transactions are low in Hong Kong and for the time being, banks require 50% or more deposit at the moment for mortgages, which I think has contributed to relatively affordable prices.
It's also well-known that the developer got the Ma Wan land very cheaply, so they are probably already making good money based on the current prices of Anacapri, hence the relative affordability. To me, this looks like a good buy, and think an apartment at Anacapri would be a good investment.
Here is the link to the price list on the Anacapri website:
Meanwhile, rumor has it that a private buyer has snapped up all of the garden units as a long term investment and that they will be shortly put up for rent.
why are you saying 7-8K?? it's pretty much 7k only rounded up or down
ReplyDeleteHi - thanks for the question. I put 7-8K as I think what will happen is that after some sales they will rise the price to 8K psf. What SHK often does is sell first release to "SHK Club Members" and then there are secondary sales at 20% or more higher from the SHK Club Members, which net them quite a nice profit over a short period of time. You are right, though, that based on current prices they seem to be selling for 7K psf.
ReplyDeleteThis is a lot cheaper than the 16,000 to 22,000 per square foot that you mentioned on Jan 26th !
ReplyDeleteHi - yes, it certainly is a lot cheaper! Honestly I was suprised how low the prices were. The feedback I had when speaking to agents was that SHK, for a range of reasons, wanted to sell off all ASAP, and not devote a huge amount of time and money in a drawn out marketing campaign.
DeleteThe quick sale gives them half a billion or so in revenue that will come in over the next few months as transactions settle, and also provides some certainty against the risk of a possible further decline in HK property prices. Remember that HK property transactions are slow right now, so this gives SHK a quick chance to bring up their first half 2012 revenue figures.
Also, they acquired the land very cheaply and have already been criticized for the large profits they are making by some legislators, who have argued that the land deal SHK did on Ma Wan was overly generous to them. Other views explaining the low pricing are that typical HK buyers of luxury units in HK want car parks, and also possibly that some of the units are close where the busses are and a possible concern about noise from the busses.
So yes, my prediction on prices was wrong. But I do feel SHK could have sold these at a way higher price, had they used a different strategy. I wish I had bought now, especially a garden unit with ocean views.
Hi i went and visit the selling point in central ifc1 last Thursday. all but 3 were sold out.
ReplyDeleteThe problem of the units facing the pier is privacy ! all people on the pizza have a full view of inside your flat ! I won't buy this.
I believe the units may be rent out for holiday packages ... only my view.
I like the garden villas, but my favourite are the roof top and penthouse apartments. I have featured some of these on this blog before. To me these are the most desirable, and also the apartments that I think will most likely appreciate most as "luxury property".
DeleteYour initial report of s quotation was not wrong ! it was at a time of bid & offer. developper started to test the market with such price to those professional real estate companies ... finally I don't know what was the price for them to secure the first batch (several) of units. after that process bid/offer the sell went public with a listed price for common people.
ReplyDeleteI bought in pi in 2002 ! I was sometimes alone in the ferry !
James.
James - you must have gotten a great price for Park Island back in 2002! How much did you pay and what's it worth now?
DeleteThe first batch was also from the public - just that they were in front because their agents put their bid (interest) through. Any agent would be more than happy to ask you to place a bid and see the price list in priority to others that did not show an interest beforehand.
DeleteI missed the bidding by one afternoon and regretted it since. Prior to the sale, PI agents went overdrive to contact PI residents to view and put a bid (show of interest) prior to release of price list. They target PI residents since they are aware of a pool of interest of people wanting to trade up. Since PI residents has been used to living in PI there are no concerns of "inconvenient travel" which is often used to bash down prices at PI. Bidders are not necessary SHK club members but once a bid has been confirmed they are entitled to an extra 4% discount if SHK club members (eligible to join if owner or tenant of SHK properties).
ReplyDeleteI hear that confirmors are on the move and one unit on the ground floor has been sold at a $1.1m profit - not bad for a week's work. Another duplex unit is looking likely to secure $6m profit.
Pity I wasn't at IFC one 9th floor at the appointed hour to place my bid. Cest la vie.
Ling Wu
A friend of mine bought one at 1.2m higher a few days ago. I agree, its a nice profit for the first buyers who got on off the plan. Most sellers are asking around 25% more than what they paid for it. One tactic you could use as a buyer of Anacapri on the secondary market as wait until it becomes time to settle for the off the plan buyers. Its possible that some of the off the plan buyers might drop their ask prices as settlement time approaches. (Prices might of course also go up during that time - it really depends on how the secondary sales go in the nextg month or so).
DeleteI received a report from an agent today who did another secondary transaction at 1.3m higher from the base price. He did not tell me the actual unit that it was, though this does seem likely to be correct.
ReplyDeleteThat seems reasonable as I had similar a report from agents yesterday. The prices seem strong and that was without mainland chinese influence! Having said that SHK is trying to sell Tuen Mun flats for $10,000 psf. Makes the secondary transaction prices in Anacapri looked cheap by comparison.
DeleteThe Tuen Mun flat by SHK is going for $13,000 psf. Makes prices at Anacapri looked cheap.
DeletePrices of Anacapri buyers flipping their properties for a quick profit are now showing on estate agents transaction listings. Showed an 8% gain for some of them - more expected in the coming months.
ReplyDeleteI get the sense of seeing more expats in the area. Not sure if others get the same impression.
ReplyDeleteYes, according to an estate agent, expats are now 20% if not 30% of the Park Island Population. The trend also is that expats are now looking to buy rather than rent.
ReplyDelete