Date
27 May 2017
Even the winner of last night's Mark Six jackpot won't be able to afford a luxury unit at Swire Properties' Whitesands project on Lantau Island. Photo: HKEJ
Even the winner of last night's Mark Six jackpot won't be able to afford a luxury unit at Swire Properties' Whitesands project on Lantau Island. Photo: HKEJ

Whitesands Lantau is not for Mark Six jackpot winner

For the hoi polloi, winning the Mark Six is the answer to all their prayers.

But even if you had won last night’s Mid-Autumn Festival jackpot, you still would not be able to afford a new holiday home on Lantau Island, a nice place to be to enjoy the long weekend and National Day Golden Week.

A lucky winner took half of the HK$90 million jackpot, but even with that sudden avalanche of cash, a unit in Swire Properties’ latest luxury offering in Cheung Sha could still be just a dream for him or her.

That’s because the 24 homes on offer come with a price tag that starts at HK$48.5 million before a rebate of 4.25 percent. The average cost comes down to HK$24,800 per square foot.

Whitesands – just the name evokes images of carefree life amid the sun, sea and sand – offers 28 luxury houses with sizes ranging from 1,954 square feet to 2,598 square feet.

They’ll be on sale from Sept. 30 to Oct. 27. Three of the units have a private swimming pool.

Despite the hefty price tag, Swire’s latest offering is a bargain compared with a neighboring project called Botanica Bay, which sold six posh units at an average price of HK$26,800 psf.

The most expensive unit in Sino Land’s snooty enclave – a 5,573 sq. ft. property – was sold for HK$209 million, or HK$37,600 psf, a record sale in Lantau.

Such a property, of course, is not for ordinary folks like us – not even for a jackpot winner – but mostly for second-generation tycoons, retired senior police officers and retiring pilots.

The upcoming Golden Week may not live up to its name for local retailers because of the anticipated slower tourist influx, but it represents the best opportunity for property developers to take advantage of another delay in the Fed rate liftoff and dump their flats.

A total of 360 units will be up for sale during the long weekend.

Cheung Kong Property (Holdings), for example, will launch the second batch of Stars by the Harbour in Hung Hom.

Despite a 15.5 percent discount, the 34 units are priced at a minimum of HK$19.86 million, or about HK$19,338 psf, for a three-bedroom unit.

For those seeking a more affordable housing, Sun Hung Kai Properties is launching the last batch of 143 units at Century Link Phase Two in Tung Chung, while Kowloon Development will release its Upper East units in Hung Hom. Most of the studio units are selling for between HK$3 million and HK$4 million.

Even at such “bargain” prices, the units may still be beyond the reach of last night’s Mark Six second prize winners, 11 lucky guys who got HK$752,000 each. They won’t be able to pay the 30 percent down payment.

So there you are. Not even a Mark Six bonanza can fulfill a Hongkonger’s simple dream of having their own home.

– Contact us at [email protected]

BK/JP/CG

EJ Insight writer

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