|
The sky's the limit
The epitome of luxury living, penthouses are as popular as ever in Hong Kong. And prices remain high due to the limited supply of these top-floor properties, says Lucy Davis
Penthouses, those lofty apartments that sit atop the highest one or two floors of a residential building, are literally hot property in Hong Kong, where the luxury of having both extra living space and fabulous views is at a premium. Favoured for their quiet aspect and extensive rooftop space - the ideal place to catch a cool breeze, or hold an intimate gathering - they have come to represent the ultimate in high-end living, and new properties are usually decked out in the most lavish designer fixtures and fittings, which further confirm their luxury status.
Barry Ho Head of Marketing and Leasing Group Property Division of CSI Property Holdings Ltd says, “Supply is limited for penthouses in Hong Kong - these properties really don’t come on the market very often, and even if they are old and in need of renovation, they are able to create a lot of interest.”
As if to confirm his statement, Ho admits that he doesn’t have any such properties on his books at the moment, although he is excited about a 5,200-square-foot penthouse on Tai Tam Road that is due to come on the market this December. Ho expects the asking price to be over HK$100 million. Rental is similarly expensive for penthouses in this area close to Stanley: to lease a 5,443-square-foot property at Redhill you are looking at paying HK$150,000 a month.
Due to their scarce supply, when penthouses do come up for sale, they are able to command big money. A 7,088-square-foot penthouse in Branksome Crest on the Peak, for example, sold for an unprecedented HK$279 million last November. Located on the 52nd and 53rd floors of this luxurious development, the property commands expansive views across Victoria Harbour, and has its own private swimming pool, plus a 2,700-square-foot terrace and a garden.
Penthouses continue to go for top dollar at Branksome Crest, where a 4,620-square-foot property is currently on the market for HK$220 million. The asking rent for a 2,370-square-foot property is HK$153,000 a month.
Raymond Lung, Director of Professional Properties, echoes Ho’s sentiments. Demand, he says, is far greater than supply when it comes to Hong Kong’s penthouses. Lung also notes that buyers are usually foreigners who have lived in Hong Kong for some time, or wealthy investors from overseas.
Says Lung, “Even though the market is volatile at the moment, our penthouse properties are still generating a lot of enquiries - they are the jewel in the crown of our business.”
There are waiting lists for homes of this calibre, and as soon as a penthouse becomes available, the details - frequently presented as a short, slick video highlighting the apartment’s stand-out features - are emailed to a select few.
Lung reveals that penthouses in Hillsborough Court and Euston Court, both in Mid-Levels, are now on the market. At Hillsborough Court, the asking price for a 2,337-square-foot property is HK$70 million. It’s a swanky penthouse duplex with three bedrooms, plus a 1,079-square-foot terrace with sea and mountain views. The price tag may be hefty, yet Lung assures that the decor is all designer and “totally brand new”.
Over at Euston Court, a 1,975-square-foot property with a 693-square-foot terrace and 336-square-foot roof space is also attracting attention. “Even though it has a swimming pool, and partial harbour view, it is on the market for HK$23.8 million as it needs some renovation work and there is no car parking space - plus the building is nearly 20 years old,” Lung explains.
Like Branksome Crest, rents remain high at both Hillsborough Court (HK$110,000 a month for a 2,095-square-foot property), and Euston Court. The latter comes in at HK$75,000 a month for a 2,631-square-foot apartment, and being an older property, Lung points out that it offers better value in terms of usable living space. At the other end of the scale, Bowen’s Lookout in Mid-Levels East is one of the most expensive developments in which to rent a penthouse - a 4,050-square-foot apartment in this complex is now leasing for HK$400,000 a month.
Just like their towering position at the top of the residential tree, it seems the sky’s the limit so far as penthouse prices are concerned - and due to limited supply and increasing demand for such prestige properties, this situation is unlikely to change.
Click here now for luxury listings
|
