27th June 2022 – (Hong Kong) Ada Yeung, senior sales director of Midland Realty said in early June this year that Lexington Hill on Rock Hill Street in Kennedy Town recorded the first transaction this month. A tenanted unit (Flat A) on a high-rise floor in the luxury housing estate with a saleable area of 719 square feet, 3 bedrooms was transacted at HK$29,903 per square foot. The original owner purchased the above property in March 2012 for about HK$13.226 million, and the book profit made over 10 years reached HK$8.274 million i.e. property value has appreciated by about 63%. The new purchaser intends to continue with the lease to the existing tenant for a month rent of above HK$40,000.
In March this year, a smaller 588sqf unit on the 10th floor was sold at HK$14.28 million at HK$24,286 per square foot.
Kennedy 38 is a new residential project co-developed by Sun Hung Kai, Henderson Land and Wheelock Properties that provides 342 units, designed in studio layout to 3 bedrooms located on Rock Hill Street in Kennedy Town. This new residential project is located 2 blocks away from Lexington Hill. The project provides 341 units with a saleable area ranging from 229 to 456 square feet. The unit types are mainly open-plan, one-bedroom and two-bedroom units. There are also special units with balconies and rooftops, with a saleable area ranging from 207 square feet to 1,000 square feet. The price of the unit at KENNEDY 38 ranges between HK$31,000 and HK$33,000 per square foot.
In the medium term, owners of units at Lexington Hill should expect to see the return on their properties increase further to above HK$33,000 per square foot if they sell. The apartment is strategically located right opposite Exit B of the MTR Kennedy Town Station.
Meanwhile, a ground floor shop lot at Unit A, G/F, 29-31 North Street, Kennedy Town near Exit B MTR Kennedy Town Station was recently sold for HK$50 million, a 49-fold increase from the original purchase price 20 years ago. Kennedy Town which is located conveniently in West Central has been viewed by many property investors as a potential residential upscale area which attracts expatriates due to its close proximity to the seafront and thriving F&B industry.