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Showing posts from February, 2013

Super luxury apartments planned for Discovery Bay

Today's SCMP reports that property developer HKR International plans to build six "super-deluxe" houses ranging in size from 6,000 to 8,000 square feet on Discovery Bay.
"Each house will enjoy spectacular sea views and the project will be located next to the Discovery Bay Golf Club," said Chan Chi-ming, the head of the Hong Kong business unit at HKR, the developer of Discovery Bay.

Agents said the houses planned by HKR could fetch more than HK$150 million each (which by the way makes our most expensive apartments on Park Island look very cheap by comparison!). "Due to their scarcity, they will be sought-after by the rich and famous.".
There are 17 houses on Discovery Bay, each of them 5,168 sq ft, with gardens ranging from 6,000 to 9,000 sq ft. One of the houses on Seabee Lane is on the market for HK$120 million.
Negotiations with the government over the land premium payable for the proposed project, which will be the 16th phase of its developments at Di…

Park Island property prices are poised for a new surge

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Property agents around Park Island are reporting strong buying demand for Park Island properties as primarily Hong Kong investors appear to see significant gains ahead for Park Island property as a result of end-user demand. Some agents are forecasting a price of $10,000 psf for regular apartments to be reached by early 2014. I think this is possible but more likely by the end of 2014 or early 2015.
Below is the most recent price graph for Park Island, just out today, which seems to confirm this trend.
At the end of the graph you can see spike of 5.5% rise in prices over the last month.

The themes and the factors driving the continued rises are nothing new. Park Island is great value, excellent quality, and still very affordable compared to almost all other parts of Hong Kong. Borrowing costs are very affordable (and seem poised to remain so for some time yet), and Hong Kong residents are increasingly realizing that they need to preserve the value of their declining currency (pegged …