Showing posts with the label Park Island property transactions

Park Island Property Prices - new records set for "small sized units".

According to agents on the island last week was a busy month, with lots of enquiries from potential buyers.
I was sent the article below by a property agent on Park Island:
In summary, the article reports that  "small size apartment" sales broke record twice within the last month.
Park Island, Block 17, Mid Floor, Flat G
Size 449sqft
Price sold 3.12M ($6949 per sqf)
The owner brought in 2010 $2.45M and how now sold earning $1.33M up 54.8%.

According to the agent, the seller is now looking at buying a larger apartment on the Park Island. My comment on that is that whilst it appear the seller made a good profit, the larger apartment will of course also have risen in price, so from that perspective his "relative gain" may not actually be that much, as apartment prices everywhere (not just on Park Island) have risen substantially since 2010.

Some of these "small size" apartments were originally given to villagers from Ma Wan as part of the development deal with Sun …

Property Prices on Park Island

Below is a graph which shows the performance of Park Island property transaction prices over the last year, March 2010 to March 2011.

Based on this graph, from Centerline Property, one can see that transaction volume for Park Island apartment is around 10-20 sales a week. One can see that almost all buyers are "long term", holding the property for more than a year, rather than speculative "flip sellers".
One can see a clear trend of prices rising over the last year, with a spike in prices particularly in the last month.
The average price for a Park Island apartment, according to Centerline Property Data, is HKD $5800 per square foot. My casual observation is that sellers are asking around HKD $5900 to $6500 per square foot, depending on view etc, and that sellers of the "super apartments" (ie those with extra large balconies or rooftops) are asking around $10,000 per square foot.
I have heard, that the new phase of villas is being sold privately by developer …