Another 50 luxury units in Hong Kong will be released for sale by the world’s biggest property developer by market value – Sun Hung Kai Properties Ltd – after homebuyers purchased all 92 units from its first batch put up for sale over the weekend.
The property developer said around 92 units were sold in the Larvotto project at an average price of HK$40 million (S$7.1 million) per unit, gaining approximately HK$4 billion in revenue.
It said that the new batch of units will be released in the middle of this week, and its selling price may increase by around two percent.
"The price is reasonable for properties of this quality," said Eva Yeung, an agent from Centaline Property Agency Ltd, who purchased a HK$47-million unit on behalf of a HK-based client.
She added that the luxury real estate market in the city-state will be supported by the increased demand from Chinese buyers and the lack of supply. This may counter the HK government’s efforts to curb a 38-percent increase in home prices since 2009 amid concerns that housing is becoming unaffordable.
Almost 20 percent of homebuyers were from mainland China, the company said.
"Demand has exceeded supply," said Victor Lui, an executive director at Sun Hung Kai’s agency arm. "All of the units were sold within the first few hours after sales began."