A unit of Summit has been sold for HK$162.28 million, which represents an average price per square foot of HK$69,439.

The transaction details show that the sold unit is a duplex on the 47th-48th floors, with a saleable area of 2,337 square feet.

Landmark investment property

A spokesperson of Hang Lung Properties stated that they have held Summit for rental income for many years, making it a landmark investment property in the market. They are currently undertaking a complete upgrade and renovation of the project, involving investment of around HK$700 million. The project is expected to be completed by mid-year.

Since the interest rate reduction cycle began at the end of last year, the luxury residential market has become more active. During the renovation process, Summit has received enquiries from multiple interested buyers, added the spokesperson. This sale was made due to the buyer’s strong sincerity and the nature of the offer. However, the company plans to retain the project for long-term rental income and has no plans for further sales, although adjustments will be made depending on market conditions, revealed the spokesperson.