SHKP and NWD withdraw sales from two luxury housing projects

As top end of property market cools.

While the mass sector recorded strong sales in July, the top end of the property market shows signs of cooling.

According to a research note from Barclays, SHKP and NWD announced separately that they had withdrawn from the sale of seven luxury homes in two projects after tender bids fell short of their asking prices.

SHKP pulled back the sale of two houses, No.11 and No.12 at Twelve Peaks on 12 Mount Kellett Road, with a saleable area of 3,759sf and 3,771sf, respectively.

Here’s more from Barclays:

With no asking price disclosed by SHKP, property consultants expected the developer to sell for more than HK$100,000psf, equivalent to more than HK$370mn for each house.

Similarly, NWD also dropped the tender for the sale of five units at the Masterpiece in Tsim Sha Tsui.

The developer offered the flats at an indicated range of HK$88-225mn, or HK$49,000-58,200psf.

According to NWD, the bids did not reflect the true value of the Masterpiece and the units were withdrawn from sale.