Henderson sets another record with house sale

HONG KONG: Henderson Land Development said on Wednesday, Aug 5 that a house at its new luxury residential project in Chung Hom Kok sold for HK$50,640 (RM20,589.84) per square foot, setting yet another record in the wake of its controversial Conduit Road transaction.

The developer announced the deal on Wednesday on its website, without disclosing the identity of the buyer and details of the transaction. The website said Henderson had sold a 13,033 sq ft house at 11 Headland Road for HK$660 million on Monday.

That would make it the most expensive house in Island South in terms of price per square foot. Excluding the curtain wall, roof stairhead and car park, the usable area is only 10,402 sq ft.

"The buyer is a local person who bought the house for their own use," said Clarence Chow Ho-yin, a director at Centaline Property Agency, which said it handled the deal, but refused to disclose the identity of the buyer.

Based on the normal practice, the buyer has to complete the transaction within three months.

No 11-12B Headland Road comprises four four-storey houses, which were completed last year. The house sizes range from 10,023 to 13,033 sq ft. It is the first transaction the project has recorded.

This is the second time that a new Henderson Land project has hit the headlines over the price paid.

The developer sold a duplex at 39 Conduit Road in Mid-Levels West for a record HK$71,280 per sq ft last October but cancelled the transaction two months ago, stirring a controversy over how developers conduct their business, including accusations that there was never a genuine buyer.

Henderson Land has been promoting the Headland Road project since last year.

The developer even told the media that a potential buyer had offered HK$2.7 billion or HK$60,000 per sq ft to buy the four houses and they were targeting HK$77,000 per sq ft for one of the houses.

However, the house was sold eventually for HK$50,640 per square foot, 34% less than the developer's target price.

In a separate deal in Chung Hom Kok late last year, a buyer paid HK$250 million or HK$39,000 per sq ft for a 6,400 sq ft house at 36 Chung Hom Kok Road.

Shares in Henderson Land fell 0.4% to close at HK$49.45 on Wednesday. — South China Morning Post
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