International real estate firm Savills has been appointed as the sole agent for the sale of a Terrace Apartment C, 3/F, South Bay Towers, No. 59 South Bay Road ("The Property"). With a saleable area of approximately 2,085 square feet, with two private terraces approximately 1,893 square feet. It will be sold on an “as-is” basis with vacant possession.
The subject Property comprises a living and dining room with front and rear private terrace, 3 bedrooms including 2 en-suite, a kitchen, servant’s quarter and utility area. The unit also comes with 2 covered car parking spaces.
The most outstanding feature is the two terraces of over 1,800 square feet, which is an exclusive outdoor space offering a greater versatility than a balcony. Ideal for relaxation, sport area such as badminton court or pickleball practice court, children playground, pet area or even the creation of a private garden. During festive occasions, the space can be converted into a family gathering area and social events, offering a rare recreational and entertainment area in an urban residential setting.
The subject Property enjoys a peaceful environment and a high privacy. Repulse Bay Beach and South Bay Beach are nearby, while The Pulse and Stanley Plaza are just a few minutes’ drive away. The renowned international schools, including Hong Kong International School (HKIS), is also nearby.
Investmentof Savills Hong Kong said, “Vendor has just reduced the indicative price from HKD 68 million to HKD 61.8 million, representing a unit price of approximately HKD 29,600 psf. this is approximately 40% below the transacted unit price of HKD 49,419 psf. achieved by a terrace unit of No. 56 Repulse Bay Road (terrace area approximately 1,664 square feet) last year. Moreover, recent transacted unit price of nearby apartments is ranged from HKD 31,000 psf. to HKD 49,000 psf. with the above comparables, the subject Property with an asking unit price below HKD$30,000 psf. is very attractive for end-user and investment.”