Hong Kong Wen Wei Po (By Leong Yuet Kam)
New projects warm up the market, and even the super luxury new project in Hong Kong Island plans to enter the market. Sun Hung Kai Properties’ Stubbs Road 18 project that was purchased by HKD4.49 billion in April 2011 finally comes on stage after eight years of construction. The Vice Managing Director of Sun Hung Kai, Lui Ting expresses, Stubbs Road 18 phase 1 in Mid-level East was named CENTRAL PEAK, which is super luxury project in the prime location of Hong Kong Island, and the company plans to put on sale it next month by tendering since the project provides mainly three and four-bedroom large flats in areas over 1,700 sq ft.
Lui Ting points out that, the Stubbs Road 18 project is in low-density design with a plot ratio of only 1.2 times, and it is quite convenient to go to the financial districts of Hong Kong Central District and Queensway, also it is easy to reach the shopping and entertainment district in Causeway Bay, besides the first phase of CENTRAL PEAK with all are tiered houses has gained the occupation certificate, then it is hoped to earn the certificate of compliance next month, when the ready flats will be opened. Asked whether the project price will challenge the new high price record, he only responds that the group has always put on sale new projects at market prices.
The house areas will be above 1,700 sq ft, so they lean to sell them by tendering.
The Proxy General Manager of SHKP, Chen HonLun expresses, CENTRAL PEAK provides 53 tiered residential flats including three-bedroom in about 1,700 sq ft, four-bedroom in about 2,100 sq ft, and also many feature flats joining with garden and rooftop in the largest area of about 3,000 sq ft, also each household can be equipped with one parking space, besides the key date for this phase is the end of September. The 19 villas of the phase 2 of the project are waiting for the occupation certificate, and they will also be put on sale by tendering, besides the key date for this period is April 30 next year.
Looking ahead to the prospects of Hong Kong's property market, Lui Ting believes, Hong Kong first-hand property market was buoyant in the first half of the year, leading the turnover to have exceeded HKD120 billion and the trading volume to have exceeded 11,000 cases by the end of June, which are expected to be new high record, also he points out that the property market is expected to develop steadily in the second half of the year because Hong Kong economy is stable, there is no deterioration of the Sino-US trade war and there is rigid demand for the new projects recently.
Chen HonLun also reveals that, CULLINAN WEST III in Nam Cheong Station developed with MTR is expected to be launched this month, and it provides a total of 1,172 units. According to the data, this project has gained the pre-sale consents in November last year. PARK YOHO Genova in Kam Tin North of the same series additional launched room A on 11st floor of Block 29 yesterday by tendering, which will be closed on July 16.
On the other side, Cheung Kong additional launches No. 6 mansion of new project 90 REPULSE BAY ROAD in Repulse Bay including two ground parking spaces by tendering, which will be closed on July 14, and the area of the mansion is 5,672 sq ft. According to the bidding documents, the monthly management fee of the big mansion is HKD30,877, that is, about HKD5.44 per sq ft, and the annual management fee is more than HKD370,000; the monthly management fee for each of the two parking spaces is HKD179, and the annual management fee is HKD4,296 in total.
T Plus will put on sale 344 units on Sunday.
T Plus in Tuen Mun developed by Jiayuan and Stan Group confirmed to put on sale 344 units on July 14 (Sunday), and the application is closed today. China Overseas’ The Regent in Tai Po will put on sale 332 units on this Saturday, of which 148 units will be put on sale by bidding, which also is closed today.
In terms of first-hand property trading, Henderson Land's Seven Victory Avenue in Ho Man Tin sold one feature flat room A on the 30th floor for HKD12,294,740, and it is in usable area of 389 sq ft joining with rooftop of 333 sq ft, with the sq ft price at HKD33,287, besides both the transaction price and sq ft price set the new high records. Another feature flat of this project was sold earlier at sq ft price of HKD32,754, meaning that the latest price was nearly 2% higher than the previous record.
New World’s ATRIUM HOUSE in Yuen Long recorded the first case of forfeiture of deposit. According to the first-hand transaction record book, it is one-bedroom room B3 on 11st floor in usable area of 308 sq ft, which had been sold at HKD5.572 million on June 30, but buyer canceled the deal, and it is expected that developer confiscated the 5% deposit involving nearly HKD280,000.