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Tags reach High Place as developer runs with bulls

Karen Chiu

Monday, January 07, 2013

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Riding on the return of bullish sentiment, Henderson Land (0012) launched its latest project, High Place, at more than HK$22,000 per salable square foot, making it the most expensive residential scheme in Kowloon City.

Around 27 units at the 76-unit development were sold over the weekend.

They are among 46 flats sized from 286 to 433 square feet and bearing price tags of HK$3.95 million to HK$6.28 million, or an average of HK$14,079 psf.

With salable areas of 182-282 sq ft, the price translates to HK$22,032 per salable sq ft on average.

Units at The Opulence, another new Kowloon City project, are on the market for an average of HK$11,000 psf.

Flats at High Place have also been priced higher than the first units on offer at the second phase of The Wings in Tseung Kwan O.

The 780-unit Sun Hung Kai Properties (0016) project will put the first 50 units on the market this week at HK$9,537 psf on average.

A parking space at the project now fetches HK$1.38 million.

The past two days saw about 36 units sold in the primary market, with Henderson taking the lead and selling around 30 at The Reach, Yuen Long.

A mainlander bought a 603 sq ft unit for HK$4.23 million, or HK$7,027 psf, plus another HK$635,000 in Buyer's Stamp Duty.

Meanwhile, the weekend secondary market improved, with 22 deals recorded by Centaline Property Agency at the 10 major estates tracked, up from 17.

This is despite the rule taking effect last Tuesday on disclosure of salable area, under which agents must inform buyers of the net and gross floor areas.

Midland Realty also saw an uptick in secondary sales, with 25 homes changing hands at 10 major estates compared to 21 a week earlier. Both agencies saw the largest number of home sales at City One Shatin.

Separately, Estate Agents Authority chief executive Augustine Ng Wah- keung said most agents are following the new requirements in providing the salable area during flat sales.

But it will take the watchdog four years to check whether all 6,000 property agencies in the territory have amended their promotional materials.


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