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Last month, in the wake of a high auction price achieved for a residential site in Homantin, the luxury sales market responded swiftly with increased transactions as buyersâ€™ confidence returned. Just shortly before, the market had sagged due to uncertainties posed by local governmentâ€™s clamp down on property speculations and Beijingâ€™s dampening of investment demand on the mainland.
Despite the market gloom following the governmentâ€™s two lackluster land auctions (Tung Chung and Fanling) in May, a 173,800 square feet residential site in Homantin, an upscale location in Kowloon, was sold for HK$10.9 billion last month after keen competitions. The price was above even the most bullish prediction. The market was taken aback, awed by such an audacious move by one of Hong Kongâ€™s biggest property developers, Sun Hung Kai Properties.
The government auction held on 11 May 2010 of a residential development site in Tung Chung on Lantau Island is the latest indication that Hong Kongâ€™s property market is heading for a cold spell. Defying all predictions, the 282,017 square feet seaside land was sold for HK$3.42 billion or HK$2,378 per square foot of buildable floor space. This is five percent lower than the lowest price predictions, which ranged from HK$3.6 billion to HK$5 billion. The auction almost failed when no more than three bidders participated, and was only saved when the auctioneer coaxed the eventual winner, Nan Fung Group, into raising its bid to meet the reserve price.
Landscope Realty announces yet another promotion of its outstanding staff, with immediate effect, in Residential Department.
With over a decade of experience in the property consultancy business, Landscope is a renowned real estate consulting group based in Hong Kong. Keeping up with the pace of life, Landscope is to launch its innovative luxury property mobile website in May, the first-of-its-kind in the entire market.