Surveyors say the residential site could be worth HKD500 to 600 million
According to Savills, a Jardine’s Lookout site offered for sale might be quickly snapped up during a boom in Hong Kong’s luxury housing market, reported South China Morning Post.
David Ku, senior manager, residential development and investment, at Savills, said the site could draw in buyers from among senior executives of technology companies in Hong Kong, including those from mainland China.
“All technology giants, such as Alibaba, are in Causeway Bay. Jardine’s Lookout is just a five minutes’ drive from Causeway Bay, unlike traditional luxury districts such as The Peak and the Southern district, which are farther,” he said.
The city’s luxury housing market is upturning as the number of transactions for villas soared 74.5 percent month on month to 82 in March, a nine-month high, said Centaline Property Agency.
Ku added that the luxury market was “booming and red-hot. Houses on The Peak have sold like hotcakes – like Wheelock’s Peak Road project. Many have broken records in recent transactions”.
He allotted the recent spike to revenge spending after a stagnant market last year, and he expects the momentum to continue as more people get vaccinated.
Houses in Jardine’s Lookout can generally call for prices between HKD70,000 and HKD85,000 per square foot. Surveyors say that the cost for redeveloping the site could be between HKD5,000 and HKD8,000 per square foot.
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