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A 209 sq ft unit was sold for HK$37,651 per square foot, setting a record for the micro-apartments in the city.
A survey finds residents worry about the loss of a community spirit and local shops as well as affordability as new developments push home prices up
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HONG KONG: Fancy an apartment the size of a Tesla Model X? That’s about 161 square feet — and the size of a Hong Kong micro-apartment sold by property giant Henderson Land Development Co. for just less than $500,000. An actual Tesla Model X in Hong Kong starts at around $150,000. As Hong Kong housing prices reach new highs and keep the city the most unaffordable for housing in the world, developers including billionaire Li Ka-shing’s Cheung Kong Property Holdings Ltd.
Hong Kong-listed mainland developer Minmetals Land has paid HK$7,000 per square foot for a residential site in Yau Tong, a record price for a traditional industrial area.
Overall property sales in Hong Kong fell 11.3 per cent last month from June — but industry experts still expect buyer interest to improve, driven by positive sentiment which is encouraging more developers to speed up their marketing of new projects.
(June 16): Sun Hung Kai Properties Ltd, Hong Kong’s largest developer by market value, is offering mortgages worth as much as 120% of a home’s value at one of its projects as sales have slumped in the city.
A luxury residential project in West Mid-Levels will only require buyers at presale to put down a 5 per cent initial deposit, or HK$1.2 million, for a home worth HK$24 million.
The number of Hong Kong homeowners who owe more than the value of their property has shot up for the first time in nearly a year and a half as property prices fall faster than expected amid a market turmoil while new flat supply is set to climb to an 11-year high.