KOKO MARE to launch 65 units as soon as this week

(Leung Yuet-kam) Recent small- to medium-sized properties have been well received, with KOKO MARE in Lam Tin and Baker Circle-Euston (Baker Circle-Euston) in Hung Hom both launching an additional 65 units and 28 units respectively yesterday. Among them, Wheelock Properties’ KOKO MARE in Lam Tin received over 1,500 votes and decided to launch an additional 65 units at a discounted average price of HK$18,963 per square foot, up 3.45 per cent from the discounted average price of HK$18,330 per square foot in the first price list. Ricky Wong Kwong-yiu, managing director of Wheelock Properties, said that the additional units to be launched are concentrated in Block Eight, offering sea views overlooking Victoria Harbour and Lei Yue Mun, and therefore set at the original price. They include one- to two-bedroom units with saleable areas ranging from 334 to 520 square feet, will be offered at a discounted price of HK$6.244 million to HK$9.931 million and a discounted price per square foot of HK$17,278 to HK$23,039, with the discounted price of all units below HK$10 million. The first sales arrangement will be announced today at the earliest and the first round of sales is expected to commence within this week.

Henderson’s Baker Circle Euston launched 56 studio and one-bedroom flats after reducing prices by 9.5 per cent last Thursday. The developer also launched another 28 one-bedroom units yesterday, with saleable areas ranging from 270 to 374 square feet at a discounted price of HK$5.1822 million to HK$7.8651 million and a discounted price per square foot of HK$18,993 to HK$21,029 yesterday. A new sale of 84 units will be held this Friday evening, comprising 15 studio units and 69 one-bedroom units, with saleable areas ranging from 214 to 374 square feet, at a discounted average price of HK$19,453 per square foot and a discounted price of HK$3.9978 million to HK$7.8651 million. Ticket registration will close at 12 noon this Friday, and property selection will be divided into group A, which can purchase two to four units; and group B, which can purchase one to two units. According to sources, over 400 votes had been received by 8pm last night, which is about 3.8 times over-registered. 

Baker Circle Euston and The Vertex to launch together

After the launch of The Vertex’s 12 additional east-facing two-bedroom units last Friday, five more units will be put up for tender this Friday, with saleable areas ranging from 327 to 639 square feet, including one- to three-bedroom apartments and high-rise units on the 35th floor, said VMS managing director Chan Yuk-sing. Andrew Ma Suen-yee, partner at VMS Group, said that since February this year, The Vertex has sold a total of 53 units, generating HK$550 million in cash, with an average transaction price of HK$23,000 per square foot and studio to three-bedroom units and some special units remaining for sale.

Price cut of up to 9 per cent for Bal Residence

Just opened last month, Lai Sun Development and the Urban Renewal Authority (URA)’s Bal Residence at 18 Heng On Street, Kwun Tong, sold only three of the 56 units on its price list on the first day of sales (March 11). In the face of stagnant sales, the developer reduced the prices of 27 one-bedroom units on four floors by 5 to 9 per cent. After deducting a maximum discount of 11.75 per cent, the discounted price ranges from HK$5.5165 million to HK$6.4052 million, and discounted price per square foot starts from HK$16,044, which is 5.6 per cent lower than the lowest discounted price of HK$17,000 per square foot at KOKO MARE in Lam Tin, a neighbouring district. Furthermore, the discounted price of 18 units is below HK$6 million. The updated units, with saleable areas ranging from 338 to 349 square feet, will be available for sale on a first-come-first-served basis this Friday. 

Julian Poon, senior vice president at Lai Sun Development, said that the new prices were based on the special market price of new one-bedroom flats in the same district. Moreover, Bal Residence is a short term uncompleted property, now in the demolition stage. Expected to receive its occupation permit shortly, the property is ideal for buyers with short-term housing needs. 

In One sold for a record HK$51.8 million

Helen Fung, sales director at Chinachem Group, said that In One’s phase IB development at Ho Man Tin Station, a joint venture between Chinachem and the MTR, sold a four-bedroom penthouse yesterday after 179 units available were sold on the first day of sales last Saturday. The featured unit is unit B on the 29th floor of Block 3A, a four-bedroom penthouse unit, Unit B on the 29th floor of Block 3A, with a saleable area of 1,234 square feet and an 866-square-foot roof, was sold by tender yesterday for HK$51.8 million at a record price of HK$41,977 per square feet. A record price and a new record price per square foot for the project. The unit is a four-bedroom, one-storey unit with a built-in staircase and a rooftop feature. It is the largest unit in Phase IB of the project, with the living room and all bedrooms enjoying the same view, including a master bedroom with a corner window providing both coastal and urban views of West Kowloon. 

Sun Hung Kai Properties (SHKP)’s phase two development of CENTRAL PEAK, Mid-Levels East, sold Altus Link House No. 6 for  over HK$409.6 million, a new record for the project, with a saleable area of 4,016 square feet and a price of $102,000 per square foot. Victoria Skye, a subsidiary of K&K Property Holdings, sold two groups of special units via tender, for a total of HK54.802 million. The units sold this time were room B on the 39th floor of Tower 1, and room B on the 39th floor of Tower 2, with usable areas of 959 and 983 square feet respectively. both with three bedrooms and a storage room, at an average saleable price of about $28,219 per square foot.