Saturday, November 28, 2015   

Chinachem eyes record sales year

Karen Chiu

Tuesday, February 04, 2014

Chinachem Group plans to launch five home projects this year, bringing flat sales to a record high of up to around HK$6 billion.

"We would be happy if we could cash in HK$5 billion to HK$6 billion," sales manager Ng Shung- mo told reporters yesterday, while putting about 431 new units on the market that could value HK$12 billion.

The SAR's largest private developer's property sales hit a low in 2013, as no projects were launched following implementation last April of the new law for first-hand flat sales that requires developers to halt project sales unless they comply with the rules.

Therefore, launches of The Golden Gate in Tai Po and Jade Cove in Tuen Mun were delayed, Ng said. The 127-unit completed The Golden Gate project will be launched on Saturday.


The first batch of 58 flats are priced at an average of HK$14,922 per sellable square foot, or HK$12,311 with up to 17.5 percent discounts offered. This would be about 20 percent higher than the HK$9,000 to HK$10,000 psf for used-homes at Plover Cove Garden next door.

But Ng said they are not comparable as the secondary homes are more than 10 years old, and The Golden Gate is of superior quality.

Chinachem's executive director of the marketing division Molly Kung Chung-sum expects to see buoyant sales at The Golden Gate.

Ng said about 1,600 group of potential buyers have viewed the show flats over the past three days.

Jade Cove is expected to be launched in May or June, offering about 86 flats.

The 37-unit Billionaire Luxe in Kowloon City will be released by April. Two projects in Kowloon Tong will be put on the market in the second half of 2014. Ng doubts whether home prices could plunge 30 to 40 percent this year despite falling land prices amid the significant boost in land supply. "More land supply would mean higher labor and construction costs. Developers could hardly buy cheap land and sell flats at cheap prices," he said, adding the group is very interested in bidding for the residential plots at Kai Tak.

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