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Hong Kong Property Market - Yr.2019 Jan: Average price per sq feet $10256 1.77%   (last month:$10441)
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The Paragon Being The First New Project of 2019 Will Announce Price Within This Week At The Soonest.

Image Caption
2019-01-02-(Wed)
【28Hse.com】  
Hong Kong Wen Wei Po (By Li Zhitian, Liang Yueqin)

At the beginning of the new year, China Overseas's The Paragon in Taipu of Kulen Mountain took the lead to be the first new project. The Paragon will announce the first price list including more than 324 units within this week at the soonest, and the sales will start in short term, the Managing Director of China Overseas Holdings Limited (COHL), You Weiguang expressed.

The Paragon has 6 sample flats from one room to three rooms, including 2 modified units and 4 non-decorated blank units, ranging from 373 sq ft to 761 sq ft, two among are based on room H in 8the floor of block 12 which has ​​761 sq ft and in layout of three rooms, while two others were built referring to room B in 18th floor of block 9 which has 524 sq ft and in layout of two rooms, COHL spokesman pointed.

The largest sample unit base on room H in 8th floor of block 12 was modified and decorated into glass kitchen to increase vision and sense of space, also one bedroom was joined to the master room for larger space that can place closet and double bed, and the story height is 3 meters.

The Paragon has a dweller club in about 240,000 sq ft including the garden area, facilities in which are 50-meters outdoor swimming pool, a 25-meters indoor heated pool, a ballroom, a bowling alley and so on.

The total supply reached 1,620 units.

The Paragon located in Litchi Hill of Tai Po consists of 17 residential towers supplying 1,620 units in usable areas from 334 sq ft to 1,388 sq ft and layouts from one room to four rooms, and it is about 9 minutes walk from the MTR Tai Po Market Station. Parking lot is located on the first and the second floor of the basement, providing dweller for 358 parking spaces and 17 motorcycle parking spaces.

COHL won the Shantang Street site in Kulen Mountain of Tai Po by HKD 2.13 billion in January 2016, with the floor area sq ft price was only HKD 1,848 base on the total floor area is 1.15 million sq ft, which was 42% lower than the market valuation because there was judicial review problem, according to the data. At that time, COHL estimated the total investment of the project including land price would exceeded HKD 10 billion. Then, COHL and the CHINA STATE CONSTRUCTION ENGINEERING CORPORATION (CSCEC) established a joint venture in shareholding ratio of 8:2 to develop the project.

The judicial review problem was solved in June of the same year when the High Court decided to suspend the judicial review on the redevelopment of green area in Tai Po into residential site .

Most remaining units are two rooms or three rooms.

On the other hand, according to the statistics in November 2018, the remaining flats in layouts of two rooms and three rooms from Hong Kong new projects increased 897 units by month to an accumulation of 6,080 units, the peak among all kinds of layouts, the Associate Director of Research Department of Centaline, Huang Liangsheng pointed. The remaining open style and one-bedroom units from new project increased 394 units by month to an accumulation of 3,152 units, while the remaining four rooms units and above increased 114 units buy month to an accumulation of 1,367 units.
As more new projects are being put on sale in the New Territories East and West, the remaining two rooms and three rooms units are more than two thousands unit, with 800 units in the New Territories East and 142 units in New Territories West were increased by month, leading the remaining number to 2,141 unit and 2,118 units respectively. There were 1,555 units in Kowloon and 266 units in Hong Kong Island remained.

Among the four major districts, the remaining open style and one bedroom flats increased 224 units in the New Territories West and 208 units in the New Territories East by month. The remaining open style and one bedroom flats are 953 units in Hong Kong Island and 859 units in Kowloon Districts.

For the remaining of four bedrooms or above, there are 458 units in Kowloon, 355 units in New Territories East, 346 units in New Territories West and 208 units in Hong Kong Island.
Translated by 28Hse.com . All right reserved.