(By Liang Yueqin)
The legislation of the National Security Law Related to Hong Kong Area is imminent, favorable to the property market, and competition among two new projects will break out in July. LOHAS Park SEA TO SKY, developed by Cheung Kong and MTR in Tsueng Kwan and had hot sales last Saturday, additionally launched 143 units at original prices yesterday, with the discounted average sq ft price at HKD17,295. The lowest discounted price for a two-bedroom unit is HKD7.739 million, for a three-bedroom unit is HKD11.301 million, and the second round sales will be conducted within the week of the soonest. On the other side, Wheelock's KOKO HILLS in Cha Kwo Ling uploaded the sales brochure yesterday, and the price will be offered as soon as this week.
SEA TO SKY additionally launches 143 units at original prices.
The Investment Director of Cheung Kong, Kwok Chi-Wai, expressed yesterday that SEA TO SKY additionally launched 143 units at original prices, and the market value on the price list is HKD2.43 billion. These 143 units are in usable areas of 478-1,075 sq ft and at prices of HKD9.674-25.785 million. The discounted prices are HKD7.739-20.112 million under the maintained highest 20-22% discount, with the discounted sq ft prices of HKD14,811-18,716.
Wheelock's KOKO HILLS, which located in Cha Kwo Ling and is 4 MTR stations apart from LOHAS Park Station, is also eager to launch. The Executive Director of Wheelock, Woo Kwong-Yiu, expresses that KOKO HILLS has been approved for the pre-sale consent, and uploaded the sale brochure yesterday. He hopes that the price will be offered, and the sample flat will be opened this week. This project would likely be the first new project in the second half-year.
KOKO HILLS will offer prices as soon as this week.
KOKO HILLS provides 413 units, of which the total number of standard units is 378 units, with usable areas of 366-1,300 sq ft. Two- and three-bedroom households account for nearly 80% of the project. There are also 35 feature units with usable areas of 345-2,024 sq ft. The project is a 4-minute walk from MTR Lam Tin Station. Woo Kwong-Yiu believes that the sales will attract some house changers and branch families also investors to enter the market because the private housing estates in the district and even on Hong Kong Island East are old.
Woo Kwong-Yiu also believes that the National Security Law legislation related to Hong Kong Area is conducive to social stability and is beneficial to Hong Kong's economy and employment. The recent new project sales are ideal, and even luxury houses have been purchased, reflecting their good to the property market. He points out that in the first half of the year, the group only sold a brand new OCEAN MARINI, and sold 764 units together with other inventory units, cashing in nearly HKD8.2 billion. It is believed that the government's employment protection policy will ease the pressure on employers. The unemployment rate will be unlikely to deteriorate. Besides, the discussion of the first-hand vacancy tax is suspended. Factors mentioned above are all beneficial to the property market. It is predicted Property prices will increase by 5-7% in the second half of the year.
Regarding the government's sale of the New Central Harbourfront commercial land next quarter, he said that the project is located in the core area of Central, and the demand for Class A office buildings is still high. The Group will carefully study the tender documents and then consider participating in the auction in the form of a sole proprietorship or joint venture.
In the first-hand property market, Mount Regalia, developed by Paliburg and Regal Hotels in Kau To, Sha Tin, sold the No.27 detached house by tender yesterday. The price was HKD66.98 million, with the sq ft price at about HKD26,002. It was sold, including two residential parking spaces. The transaction period is 180 days. New World's Fleur Pavilia in North Point sold Room G on the 31st floor of Block 2 for HKD46.459 million. The usable area is 1,109 sq ft, and the sq ft price is HKD41,893.
K.Wah's K⋅Summit in Kai Tak sold Room B on the 30th floor of Block 2B for HKD21.08 million. It is a three-bedroom unit in a usable area of 766 sq ft, with the sq ft price at HKD27,520. The same series project Solaria in Pak Shek Kok, Tai Po, also sold Room D on the 8th floor of Block 8 for HKD10.629 million. It is a three-bedroom unit in a usable area of 599 sq ft, with the sq ft price at HKD17,745.
