A pair of luxury homes at the Mount Nicholson project on Hong Kong’s Jardine’s Lookout have sold for a combined HK$1.1 billion, according to records posted on the development’s website, as buyers look for value prices on high end homes amidst a slowing market.
House 21, a 6326 square foot villa in phase 2 of the project sold for more than HK$530 million, or HK$85,188 per square foot, while its identically-sized twin, House 22, sold for more than HK$580 million, or HK$82,889 per square foot.
Elite Estates Selling for Less
These latest sales at the project jointly developed by local builders Wheelock & Company and Nan Fung Group are taking place at prices more than 8 percent lower than a neighbouring house in the complex sold for during early May.
House 16 in the project had sold for HK$720 million during the first week of last month, or HK$90,248 per square foot. The sale of that elite estate came at a HK$1.88 million discount off the price that an earlier buyer had agreed to pay before forfeiting a HK$36 million deposit on House 16 to back out of a sale agreement.
In a research report released this week, property consultancy Knight Frank said of Hong Kong’s residential demand that, “Market sentiment has been downbeat since 10 May, when the US slapped new tariffs on China imports.” The agency added that in the first five months of this year, buyers had forfeited 160 preliminary deposits on home purchase — an amount equivalent to 70 percent of 2018’s total.
More Peak Sales on the Way
For buyers hoping to get in on the next chance at a HK$83,000 per square foot home, Wheelock and Nan Fung are making the next unit at Mount Nicholson, Apartment 1 in phase 3 of the project available for tender from 10:00 am until 1:00 pm on Wednesday, June 26th.
And for the busy bargain-hunting billionaire who’s not available tomorrow, Apartment 2 in phase 3, is up for tender on July 4th, with House 11 in phase 1 of the project on the list for the same day.