Penthouse Buyers Pay Premiums In Hong Kong, London, New York
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Penthouse Buyers Pay Premiums In Hong Kong, London, New York

But house hunters will find comparably more space in the aerie in cities like Singapore.

By Liz Lucking
Tue, Aug 3, 2021 10:27amGrey Clock 2 min

Across some of the world’s largest cities, trophy-home hunters can expect to pay the largest premium for the prestige of securing a penthouse in Hong Kong according to a report Monday from Knight Frank.

A top-tier unit in the city comes with a 59% price premium per square foot, the highest surcharge of any of the five top global markets analyzed by the estate agency and property consultant, which compared the cost and size of a penthouse unit to the average of the rest of the units in the same development.

Despite the upcharge, a penthouse buyer in Hong Kong will only get a footprint that’s 48% larger than their less-exclusive neighbours, the smallest size premium of the cities analyzed. 

“Exclusivity and privacy underpin values, and local factors such as the configuration of developments and sales technique mean [price] premiums in various cities can differ by as much as 50%,” Flora Harley, partner of residential research at Knight Frank, said in the report.

Penthouse price and size premiums

Knight Frank

“What we have noticed is that the larger the space differential, the smaller the price premium,” Ms. Harley said. “For example, of the cities analyzed, Singapore penthouses command the smallest premium, with an average of 7%, yet they are, on average, almost three times the size of their counterparts—in Hong Kong penthouses are only around 50% larger.”

Penthouses in London came with the second-most significant price upcharge at 43% and New York City ranked third at 41%, according to the data,

All three cities ranked above the global average penthouse price premium of 35% per square foot. Typically, penthouses globally will be an average of 129% larger than their counterparts.

Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: August 2, 2021.



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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District

The ball is in the buyer’s court with this knockdown/rebuild opportunity

By KANEBRIDGE NEWS
Tue, Apr 18, 2023 2 min

Glenhaven in Sydney’s Hills District is one of those areas that locals tend to keep to themselves. Leafy with large blocks on offer, the suburb takes its name from its valley location, with the northern end originally known as the Glen and the southern end called the Haven. 

En route from Parramatta to the Hunter, Glenhaven has become an ideal place for growing families in search of a little more space, or even room to house several generations under one roof.

The challenge is finding properties that tick all the right boxes.

As demand for trades and supply chain issues continue to ease, now could be the right time for a knockdown/rebuild project for would-be buyers looking to create their dream home.

Fairmont Homes specialises in knockdown/rebuild projects in Sydney. General manager at Fairmont Homes, Daniel Logue, said there are key features to look for when choosing a knockdown/rebuild site.

“The key items we look for are the site falling to the street, not to the rear, to help with stormwater drainage as well as access to the site,” he said. “Neighbouring property front setbacks are also important. In some older areas, the older houses are set closer to the street, meaning your new home will have to be set to suit.

“Value for money and the return on the end sale price of the home is another issue.”

If possible, he said designing a home that meets the criteria of the Complying Development legislation will speed up approvals considerably.

While suitable knockdown/rebuild sites can be hard to find in Glenhaven, there are still hidden opportunities if you know where to look.

One block at 158 Gilbert Road, Glenhaven is ideally suited for rejuvenation. With almost 850sqm to play with, it slopes down to the street and sits between neighbouring properties that have already been stylishly updated.

 

 

An existing basketball court at the rear could provide the perfect teen backdrop to a family home, or it could make way for a larger house with landscaped gardens and pool. Alternatively, it could be the perfect position for a cabana or granny flat to serve as in-law accommodation or a source of secondary income.

With recent sales of completed homes in nearby streets reaching well above $5 million, it’s a great opportunity to make a slam dunk of a buy into one of Sydney’s best kept secrets.

Address: 158 Gilbert Road, Glenhaven
Price guide: $1.8 million
Inspection: By appointment only
Contact: William Brush, LJ Hooker Dural 9651 1566 

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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