2024-04-25 28Hse Editor
Kicking off the Year of the Rabbit, developers are announcing plans to build new properties. Victor Tin Sio-un, executive director at Sino Land, said that the group would launch five new projects this year to build a total of 3,000 units.
The projects include Villa Garda III in partnership with MTR Corp, K Wah International, and China Merchants Land, Grand Mayfair III at Kam Sheung Road Station with MTR, K Wah, and China Overseas Land & Investment, One Central Place in Central with the Urban Renewal Authority, The Southside Phase 4 in Wong Chuk Hang MTR station on Hong Kong Island with Kerry Properties, MTR, and Swire Properties and the Yau Tong Ventilation Building project with the MTR. Leung Yuet-kam.
Mr. Yang Wen, Co-director of Sino Land, said that the Group sold about 55 units of first-hand flats in January this year, mainly from St. George’s Mansions in Kadoorie Hill, Ho Man Tin, and Grand Victoria in South West Kowloon, with more than HK$1.8 billion of cash, at prices ranging from HK$10 million to over HK$100 million, reflecting the effect of customs clearance on first-hand residential transactions. Among the projects, St. George’s Mansions was the most eye-catching, and recorded a number of large transactions, selling a total of 9 units and cashing in more than HK$850 million.
The group sold 55 units of new properties in the first month, cashing in more than HK$1.8 billion
With an optimistic outlook of the property market in 2023, Tin believes that under the effect of returning to normal customs clearance, the New Year retail and new property markets have seen a rebound. Coupled with the launch of the government’s high-end talent program, it is believed that the property market will rise steadily this year.
In addition, a Mainland textile manufacturer family previously purchased 2 units of the same floor of St. George’s Mansions in Kadoorie Road, Ho Man Tin from Sino Land and CLP for more than $190 million. The aforementioned transactions include Unit A, 7/F, Block 1, St. George’s Mansions, with a saleable area of 2,140 square feet and 4 bedrooms and 2 suites, including a car parking space, which sold for HK$104.5 million at HK$48,832 per square foot. The price per square foot was HK$46,714, and the buyer was Yang Yaobin.
In the same building, Room B on the 7th floor of Block 1 with a saleable area of 1,841 square feet, three bedrooms and two apartments, including a parking space, was sold for HK$86 million at HK$46,714 per square foot, to buyer Cheng Ah Fei.
It is reported that Yang Yao Bin and Zheng Yafei are the son and wife of Yang Weiguo, the vice chairman of Bros Eastern Co, a textile enterprise listed in the mainland. According to the data, the buyers of the above two units paid about HK$4.44 million and HK$3.365 million respectively as tax, each accounting for 4.25% of the property price, meaning they are first-home buyers.
Mount Regalia sold for HK$68.04 million
As for other first-hand transactions, Mount Regalia’s detached house No. 25, located in Sha Tin and developed by Paliburg Group and Regal Hotels was sold by tender. The transaction price was HK$68.041 million, and the price per square foot was HK$26,413 with two residential parking spaces included, within a transaction period of 720 days. Homebuyers will also receive a Regal Club membership with HK$1 million worth of Regal Dollars to enjoy the privileges offered by Regal Hotels International. Located next to the clubhouse pool, the 5-storey, 4-bedroom, 4-suite detached house No. 25 has a saleable area of 2,576 square feet and a garden area of 778 square feet with a private lift. The rooftop area on the top floor is 533 sq ft.
Regal Estate Agents director Wei Zhen-sheng said that as Hong Kong gradually returns to normal, coupled with good news such as customs clearance, market sentiment continues to improve, and the purchasing power of buyers is being gradually released. It is believed that the property market will rise steadily this year.
3-room set sold for HK$86.33 million at University Heights, Mid-Levels
Chinachem Group sold Unit A on the 11th floor of Block 1 in University Heights, Kotewall Road, Mid-Levels, by tender, with a saleable area of 1,584 square feet, a three-bedroom flat with one suite and one parking space, for HK$86.33 million.
On February 5th, 30 units were launched for sale, including one-bedroom and two-bedroom units with storage room. The discounted entry price starts at HK$7.1 million.
Kowloon Development's Manor Hill, located in Tseung Kwan O, added a new pay-as-you-go method yesterday, with a 13% discount for one-year pay-as-you-go, 11% discount for two-year pay-as-you-go, and 2% rebate for early sales. On February 5th, 30 units, including one-bedroom and two-bedroom units with storage, will be launched for sale at a discounted entry price of HK$7.1 million.
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