2024-05-09 28Hse Editor
With Hong Kong back in full swing, developers are rushing to launch projects. Ricky Wong Kwong-yiu, managing director of Wheelock Properties, said that KOKO ROSSO, a subsidiary of the group, received more than 2,500 votes and was oversubscribed. The project will be sold in the first round this week as soon as possible.
Due to an overwhelmingly positive response response, Wheelock Properties announced last night that KOKO ROSSO would launch 68 additional units with saleable areas ranging from 268 to 497 square feet, including 21 one-bedroom and 47 two-bedroom units, maintaining a maximum discount of 12 per cent and a discounted price of HK$5.774 million. The discounted prices range from HK$5.774 million to HK$9.878 million, with discounted prices per square foot ranging from HK$17,473 to HK$22,209, and a average discounted price per square foot of HK$18,908, which is 5.2 per cent higher than the average discounted price per square foot of HK$17,976 in the first batch of 88 units. The first two price lists total 156 units, a discounted price of HK$5.545 million to HK$9.78 million with a discounted price per square feet of HK$17,158 to HK$22,209, and discounted average feet price of $18,376. It is estimated that the two price lists at discounted prices are roughly HK$1.187 million.
Prices are low, say Hong Kong Island customers
Mr. Choi, a ticket buyer, has confidence in the developer and the quality of the project. With a budget of HK$6 million, he believes the price per square foot of the first price list is relatively reasonable. He plans to buy a one-bedroom unit of the project for self-occupation. Working in the education sector, Mr. Choi currently lives in Hong Kong Island East, and is optimistic about the supporting facilities and prospects of Kowloon East. Ms. Luo, who is engaged in the banking industry and lives in the west of Hong Kong Island, also believes that the price per square foot of the property is low. With a budget of less than HK$9 million, she plans to purchase Unit A with a two-bedroom kitchen and a sea view, and has prepared HK$2 million for the first phase. While she remains skeptical about the prospects of this year’s property market, she considered entering the market nonetheless due to the project’s attractiveness in terms of prices for new buildings.
In addition, Pano Harbour, jointly developed by China Resources Land (Overseas) and Poly Real Estate, also launched Sales Arrangement No. 3. It involves 118 units, of which 55 units are brand new, together with 63 units previously launched units, all of which were three- and four-bedroom units facing Victoria Harbour. The batch will be put up for sale by tender this Thursday. Among them are the two top-floor special units to be launched for the first time, which are Duplexes A and B on 36th and 37th floors of Block 2, with saleable areas of 3,406 square feet and 3,137 square feet respectively.
Over the past weekend, the first-hand market recorded a total of about 70 transactions, down 16 or 18 per cent week-on-week. Among them, Henderson Land’s ONE INNOVALE in Fanling sold 5 units in two days; Centralcon Properties’s The Arles in Fo Tan sold two more units yesterday, with only one flat-roof unit remaining. The project has sold 15 units this month, cashing in more than HK$200 million; The Vertex in Cheung Sha Wan, held by Twin City Holdings Limited, sold six units in two days over the weekend, three of which are two-bedroom units with 517 square feet of saleable area. In response to more than 300 groups of visitors viewed the existing building the day before yesterday, the developer launched six more two-bedroom units into the market yesterday.
Ricky Wong Kwong-yiu: Tsim Sha Tsui shopping malls are booming
Wong said that the full reopening of cross-border travel between Hong Kong and the mainland greatly stimulated the property market, describing the market for Tsim Sha Tsui shopping malls to be booming, which is believed to be helpful for retail, food and beverage, and tourism. As Hong Kong’s economic prospects and business performance of retail, catering, and tourism improve, the unemployment rate in Hong Kong will be further reduced. He also pointed out that interest rates have recently stabilised, and buyers' concerns about interest rates have also begun to subside, which has boosted their confidence in entering the market. It is hoped that after the announcement of the budget, there will be an opportunity to promote another sale of first-hand transactions.
Regarding the budget to be announced, Wong said that, as a wage earner himself, he hopes for tax concessions, while the business sector hopes that the government will continue to vigorously promote the economy. As for the property market, Wong hopes the government can appropriately ease up on property-purchasing policies, such as relaxing the 15 per cent "double stamp duty", lowering the threshold for investors who already hold properties to re-enter the market, while restricting them from reselling new purchases within three years. This would help stimulate property market transactions, but also curb speculation.
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