2024-05-10 28Hse Editor
In line with the government's promotion of the Northern Metropolis area, Asia Standard International executive director Phileas Kwan said that the Group's new large-scale project at 1 Hung On Lane, Hung Shui Kiu, would benefit from the development of the Northern Metropolis. He added that this was partly due to its proximity to the MTR Hung Shui Kiu station on the Tuen Ma line scheduled for construction next year. In addition, the 150,000 jobs expected to be created in the Northern Metropolis area will also boost demand for housing in the area. The project is applying for pre-sale consent in two phases, with the first phase expected to be launched this quarter at the earliest. In addition, the Group is in the process of negotiating with the government for a land exchange in the area of Kwu Tung in collaboration with CSI Properties. Leung Yuet-kam
According to Kwan, the 1 Hung On Lane project is the largest new development in the area in the past decade, with a total investment (including land premium) of over HK$4 billion to HK$5 billion, after 26 years of land acquisition, premium payment and development preparation. The project offers 1,025 units ranging from 300 to 500 square feet in size. The project comprises one- to three-bedroom flats, with 70 per cent of the units being two-bedroom flats.
Of the 1,000+ units total, 70 per cent of the units will be two-bedroom units
The Phase One development, with a total of 623 units and a launch date of 30 June, 2025, will be approved for pre-sale this quarter at the earliest and will be put up for sale immediately. Prices will be based on those of new developments in the area such as #LYOS and new developments recently put up for sale. The Phase Two project, comprising 402 units, is pending pre-sale approval. According to Kwan, the project will be a small- to medium-sized luxury residential development, designed by the team of British architects who worked on the Group’s other luxury residential projects (The Westminster Terrace; Dukes Place).
The Hung Shui Kiu/Ha Tsuen areas are developing rapidly under the Northern Metropolis, with construction of the new Hung Shui Kiu station on the MTR Tuen Ma Line scheduled to start next year for completion in 2030. The station will also serve as the starting point of the Kong Sham Western Highway, connected to the Qianhai development which further enhances it as the core business district of the New Territories North. Kwan said that it now takes about 25 to 30 minutes to drive from Hung Shui Kiu to Tsim Sha Tsui and the financial district in Central, while it only takes 45 minutes by Light Rail or bus. He believed that the Group's projects have great potential, remaining unfazed by other new developments soon to be launched.
Discussions underway for a land swap in Kwu Tung for residential development
Kwan also said that Asia Standard would continue to increase its land bank through mergers and acquisitions of agricultural land in the New Territories, government land investment, private land purchases, and old buildings, with a focus on investing in areas easily accessible to the city. The three sites include a project in Kwu Tung with 269,000 square feet of land and 941,000 square feet of gross floor area under negotiation with the Government with CSI Properties, a wholly owned project in Lam Tei, Tuen Mun with 66,500 square feet of gross floor area, and a joint venture project in Sha Ha, Sai Kung with 616,000 square feet of gross floor area.
In addition, the Group's luxury residential development at 23 Po Shan Road, Mid-Levels West, in partnership with ITC Properties and CSI Properties, has received its occupation permit and is in the process of building show flats. The project offers 16 units of luxury apartments ranging from 3,700 to 7,300 square feet.
Property prices expected to rise by 8 per cent as market recovery stimulates economy
Regarding the outlook for the local property market, Kwan said that the market has bounced back strongly thanks to the full resumption of cross-border travel between Hong Kong and the mainland. He added that the economy grew by 2.7 per cent in the first quarter and the unemployment rate dropped to 3.1 per cent, further boosting the property market. Although the US has raised interest rates ten consecutive times, Hong Kong banks have only followed suit with four increases. Moreover, mortgage rates in Hong Kong have remained lower than those in other places, and the increased sales of new properties in recent months reflect the rebound of people's confidence in home ownership. Moreover, the Government has launched the ‘Top Talent Pass Scheme’, which will generate additional demand for housing. It is expected that the prices of small and medium-sized residential properties will rise by 5 to 8 per cent this year, while luxury properties will see an increase of over 10 per cent.
1 Hung On Lane, Hung Shui Kiu Details
Total no. of units: 1,025
Phase 1: 623 units
Phase 2: 402 units
Size: 300 to 500 square feet
House types: one- to three-bedroom flats
Key date: 30 June 2025
Table: Leung Yuet-kam
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