2024-05-08 28Hse Editor
Following the full reopening of borders between Hong Kong and the Mainland and last week’s lifting of the mask mandate, the Hong Kong economy is returning to normality and developers are seizing the opportunity to speed up property launches.
Phase 2B of Sun Hung Kai Properties’ (SHKP) NOVO LAND in Tuen Mun is scheduled to launch 171 units in the second round this Wednesday (Mar 8), with a discounted entry fee starting from HK$4.2321 million.
The project sold 352 units in the first round last Saturday, all of which were sold out on the same day, generating over HK$2 billion in cash for the property giant. An additional 180 units were put on sale overnight at a discounted average price of HK$14,098 per square foot, just 0.8 per cent higher than the previous batch of HK$13,988, but 6.1 per cent higher than the first batch at HK$13,288 per square foot.
Driven by the sale of the property, the local first-hand market recorded a total of 419 transactions on the past Saturday, more than 7 times more than last week. Tsang Yip-chun
The fourth price list of NOVO LAND Phase 2B includes 53 one-bedroom units, 108 two-bedroom units and 19 three-bedroom units, a total of 180 units with sizes ranging from 279 to 678 square feet, maintaining a maximum discount of 15 per cent, at a discounted price of HK$4.2321 million to HK$9.3661 million, with a discounted average price of HK$14,098 per square foot.
The cheapest unit starts at a discounted price of HK$4.2321 million and a discounted average price of HK$14,107 per square foot (Unit J, 3/F, Block 1B, a one-bedroom flat). The two-bedroom unit is Unit F, 3/F, Block 2, at a discounted price of HK$5.6159 million and HK$13.664 million per square foot, while the three-bedroom unit is Unit A2, 3/F, Block 2, at a discounted price of HK$8.9726 million.
171 units to be sold on Wednesday, with tickets closing tonight
Victor Lui Ting, SHKP deputy managing director, said that there was an "unprecedented turnout" on the day of the sale, and that additional sales were launched on the same night to meet market demand. According to SHKP general manager Chan Han-lin, the average price of the newly launched units was slightly higher than that of the previous batch. The main reason was that the higher-level units released also included five special first-hand units, thereby raising the average price per square foot. As a result of the above factors, there was an increase in the original price.
Chan added that the second round of 171 units would be sold this Wednesday, and would be close to the fourth price list. As the sale will start at dusk on Wednesday, the Group has not put all the units in the new price list up for sale this time, hoping to get the sales order right on the spot. The second round of sales will close at 8pm tonight, with the balloting to be held tomorrow and the sale to commence at 4pm this Wednesday.
SHKP prepares for sale in Tai Po and Tin Shui Wai
In addition, Lui said that after the completion of NOVO LAND Phase 2B sales, the Group will focus on the launch and sales of University Hill in Pak Shek Kok, Tai Po and Tin Wing Station in Tin Shui Wai.
In addition to the new, in-demand developments selling out fast, the speed of stock-outs has also quickened. Over the weekend, the market recorded a total of some 419 first-hand transactions. Excluding the brand new NOVO LAND Phase 2B (352 units), there were about 67 completed transactions during the period, more than 7 times higher than last week's transactions. Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau, said yesterday that with a number of major new developments being launched in March, the first quarter is expected to see a continuation of first-hand units selling quickly, with 2,800 first-hand transactions expected for the month.
As for other new developments, Yeung Chung-wing, director of marketing and planning at Centralcon Properties, said that Room F of The Arles in Fo Tan, a 774-square-foot apartment on the seventh floor of Block 2, was sold yesterday for HK$14.956 million at HK$19,323 per square foot. Since the opening of the project last month, 22 units have been sold, cashing in about HK$330 million.
Wheelock Properties’ KOKO ROSSO in Lam Tin sold a unit yesterday – Room B, a 437-square-foot flat on the first floor of Block 7 – for HK$9.223 million at HK$21,105 per square foot. According to the developer, the buyer of the flat is a healthcare worker who bought the flat for self-occupation. A total of 303 units have been sold since the project was launched on March 10, accounting for about 98 per cent of available units.
Henderson launches three more units in near future
Henderson's projects sold 25 units on the weekend, of which 13 units were sold at The Quinn Square Mile in Tai Kok Tsui; 4 units were sold at ONE INNOVALE–Bellevue in Fanling, including a 311-square-foot unit on the 6th floor of Block C at HK$4,828,500 and HK$15,526 per square foot; THE HENLEY II in Kai Tak also recorded 1 transaction; THE HOLBORN in Quarry Bay, Hong Kong Island sold 6 units in 2 days; CAINE HILL in Caine Road, Mid-Levels sold 1 unit at HK$8.278 million. Han Jia-hui, general manager of Henderson Land’s Sales (II) Department, said that the three projects are expected to put up additional units for sale in the near future, among which THE HOLBORN will soon be launched as an existing property.
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