Prices of Hong Kong's homes are becoming more polarised, with a growing gap between luxury and mass market apartments, marked by the scarcity of land for high-end developments and government policies focused on boosting the supply of small flats.
The government's rejection of a developer's attempt to trigger an auction for a piece of land in Kau To Shan, Sha Tin, is indicative that the administration does not want to sell valuable land at low prices. The 212,051 sqft site, with a developable floor area of 318,076 sqft, was estimated to have a value of HK$2.2 billion to HK$2.5 billion.
In the mass market, the tender for a residential project above West Rail Nam Cheong Station was awarded to Sun Hung Kai Properties after a winning bid of HK$11.8 billion, representing an average cost of HK$4,468 per square foot, lower than market expectations of HK$5,500 or above. This was apparently related to a restriction that most units should not exceed 500 sqft, plus the project's large scale of about 3,300 units, reflecting a more cautious attitude towards the mass home market.
Marcos Chan, head of research for the Greater Pearl River Delta at Jones Lang LaSalle, says both luxury and mass housing prices have surged sharply since the market trough in 2009. Luxury prices have risen by 82 per cent, while mass market prices have increased 73 per cent.
"The price gap between luxury and mass homes is probably at a record high today. Prices of high-end properties are rising faster given their limited supply and strong demand, and this is especially true for new luxury residential projects in the primary market," he says.
"Super-deluxe properties are often selling at sky-high prices. The price gap between luxury and lower-end properties is expected to widen. Even if the market turns south, the luxury sector will be more resilient and the likely correction will be smaller than in the mass market."
Super-deluxe houses have continued to set record prices, undaunted by the softened market environment. In August, an 8,300 sqft house at Pollock Path on The Peak was sold for about HK$800 million, representing an average price of about HK$96,000 per square foot.
The government has introduced measures that include restricting the size of new apartments to increase the supply of small flats and to help families achieve home ownership. The luxury market has been spared a heavy-handed approach.
Developers continue to record positive sales of new luxury projects, though overall sentiment has weakened and volumes have shrunk. Notable sales include K Wah International's Marinella in Aberdeen and Sino Land's One Mayfair in Kowloon Tong, both selling at an average price of about HK$20,000 per square foot.
Prices remain firm at the very top end. A two-storey detached house at 19 Cooper Road, Jardine's Lookout, is on the market with an asking price of HK$560 million, with a site area of 16,360 sqft and a developable gross floor area of 9,816 sqft.
"Properties of this quality are rare in the city and it is not hard to imagine the potential of this site," says Angel Law, director of Prestige Homes at Savills, who is marketing the property.
The gap between luxury and mass residential prices has widened markedly since the mid-1980s, as shown by data for flats in Class B and Class E categories compiled by the Rating and Valuation Department. Class B property has a saleable floor area of 430 sqft to 752 sqft, while Class E property has a saleable area of 1,722 sqft or above.
Average prices of Class E property on Hong Kong Island were just 32 per cent above those of Class B in 1986. The premium increased to 63 per cent in 1997, 117 per cent in 2003 and 139 per cent last year. In Kowloon, prices of Class E property were 61 per cent above those of Class B in 1986, but the gap increased to 137 per cent last year.
Thomas Lam, director and head of research for Greater China with Knight Frank, says the growing wealth gap and a supply-demand imbalance have polarised the local market. "Luxury home prices have rallied spectacularly in recent years with the arrival of more overseas money, especially from cash-rich mainland buyers."
香港的樓價愈來愈兩極分化，豪宅和一般住宅市場差距日益巨大，皆因缺乏供高端發展的土地，政府政策又致力增加供應中小型單位。
政府最近拒絕了一個於沙田九肚山的勾地申請，顯示政府不想以低價拍賣豪宅地段。該海景地盤佔地212,051平方呎，可發展的樓麵麵積為318,076 平方呎，估價約值二十二億至二十五億港元。
中小型市場方麵，新鴻基地產以一百一十八億港元投得西鐵南昌站上蓋的住宅項目，平均呎價為4,468港元，比市場預期的5,500港元或以上為低，明顯因為項目規定大部分單位的實用麵積不得多於538平方呎，且要求必須提供約3,300個單位，由此可見發展商對中小型樓宇採取較謹慎態度。
仲量聯行的大珠江三角洲研究部主管陳迤街賦觶?勒?橢行⌒妥≌?膬r格，比2009年低穀時已明顯上升，豪宅樓價升了82%，而中小型市場也升了73%。
他說：「豪宅和中小型住宅的價格差距，現時也許已到了前所未有的地步。高價物業因求過於供，價格飆升得極快，尤其是一手豪宅市場。」
「超級豪宅經常以天價成交。未來幾年高端和中端物業的樓價差距將更大。即使市場惡化，豪宅的韌力較強，價格回落的幅度可能亦較中檔市場為窄。」
今年，有些超豪宅繼續打破樓價紀錄，不受疲軟的市場環境動搖；八月，山頂普樂道一棟8,300平方呎的大宅，就以約八億港元出售，平均呎價為96,000港元。
為了幫助市民置業安居，政府正積極採取措施，限製樓宇單位的麵積，增加中小型單位的供應。然而，豪宅市場至今沒受到這等高壓措施影響，豪宅新項目近日依然銷情可觀，雖然整體市場氣氛較低，交投量也減少。明顯的例子有嘉華集團位於香港仔的深灣九號，以及信和集團位於九龍塘的逸瓏，平均每平方呎售價均是約二萬港元。
最高檔的樓價更是保持堅穩，渣甸山穀柏道19號的一棟兩層獨立屋連花園，叫價五億六千萬港元，地盤麵積為16,360平方呎，總實用麵積為9,816平方呎。
負責該項物業銷售的第一太平戴維斯Prestige Home 董事 Angel Law說：「這種高素質物業在本港已經買少見少，潛力之大可想而之。」
豪宅和一般住宅的售價自八十年代中期開始已出現大幅分歧，比較一下差餉物業估價署為B類及E類單位編錄的平均價格，就一目瞭然。B類物業可售賣的實用麵積為430至752平方呎，一般指大眾市場的住宅，E類物業的可售賣麵積為1,722平方呎或以上，即指高檔住宅。數字顯示1986年，港島區E類物業的平均價格，比B類物業的價格高出32%。1997年，溢價增加至63%，2003年是117%, 2010年是139%。而1986年九龍區的E類物業平均價格，比B類物業的隻高出61%，2010年則已變為137% 。
萊坊大中華研究部主管林浩文表示，財富分佈不均，是令本地住宅市場不斷兩極分化的原因之一，而住屋供應和需求亦出現失衡。
「豪宅價格近年大幅回升，是由於有更多海外資金湧入，尤其是富裕的大陸買家，並加上低息環境所致。今天，豪宅業主大多資金充裕，他們強大的持貨能力，足以應付市場的調整。」
