North Point apartment units sold for as much as $21.87m

Sun Hung Kai Properties enjoyed a strong sale, with 1 unit left unsold.

Bloomberg reports that developer Sun Hung Kai Properties Ltd. has sold 44 out of 45 flats at a North Point site for a record-breaking local price in what marks another defiant stride by the property market against the government's cooling measures. 

Also read: Heated property market defies cooling measures as property sales surge 17.1% in June

The price of the available studio and two-bedroom apartment units in Sun Hung Kai’s luxury project Victoria Harbour range from $10.25m to as much as $21.87m despite a small average size at around $286 sqft. With this type of selling price for such a small flat, the value for the next 36 apartments to go on sale are expected to rise by an average of 10%, Bloomberg added.

The newly unveiled vacancy tax could also urge developers to build smaller flats as a buffer against sell-through rates, real estate consultant JLL said. 

Also read: Vacancy tax may not dampen Hong Kong's runaway home prices

The average size of new flats in Hong Kong have shrunk about 40% over the past six years whilst prices have shot up after rising for the 26th consecutive month last April.  A flat under 40 square meters (431 square feet) on Hong Kong Island costs an average of HK$182,000 ($23,198.01) per square meter, or $17,000 per square foot, it added.

Here’s more from Bloomberg:

Photo from Baycrest - Own work, CC BY-SA 2.5