Suddenly, a rush for Lantau luxury homes

Keen to drop HK$60m on a South Lantau home? You may have to hurry – they’re suddenly in demand.

Only one home is left at the Botanica Bay development in Cheung Sha, while at nearby Whitesands seven have been snapped up in the last three months.

The latest sale is a Botanica Bay house that sold for HK$63.8 million, or HK$17,128 psf, earlier this week. It has 3,725 sq ft in usable floor area, making it the smallest in the 16-home development, though it also comes with a 1,267 sq ft garden.

It was the 15th home to be sold since Botanica Bay, built by Sino Land, went on the market in early 2015. In one of the early transactions, the biggest home in the development was sold for HK$209 million – an outlying islands record.

Down the road at South Lantau’s other high-end development, Whitesands, sales were sluggish until recently. The Swire Group project next to the San Shek Wan roundabout was completed in late 2015, but up to April only two of the 28 units had been sold.

But since then seven have been sold at prices ranging from HK$34 million to HK$60 million. The latest was on July 10, when a 2,355 sq ft home with a 1,393 sq ft garden sold for HK$38.4 million, or HK$16,300 psf.

It’s not clear why the recent rush, although Whitesands dropped its prices by nearly a third late last year. One factor cited is the opening of the Hong Kong-Macau bridge, possibly as early as late 2017.

These almost certainly won’t be the last luxury home projects on South Lantau. Mui Wo residential estate Silver Waves Court is set to be redeveloped into high-end homes.

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