Plenty of interest in Tai Kok Tsui projectBusiness | Esther Yu 21 Mar 2017
Twenty-eight proposals have been received by the Urban Renewal Authority for its Tai Kok Tsui redevelopment project.
The project based on Fuk Chak Street-Li Tak Street is a relatively small residential project covering a 768-square-meter site.
Ninety-six flats are to be built there with a total residential floor area of 54,928 square feet. And 6,856 sq ft is being reserved for commercial purposes.
The project has a estimated market value of HK$617 million to HK$865 million, or HK$10,000 to HK$14,000 per square foot.
Among developers who have submitted proposals are Wheelock (0020), New World (0017), Emperor International (0163), Nan Fung, Easyknit International (1218), K&K Property, Cheung Kong Property (1113), Sun Hung Kai Properties (0016) and Far East Consortium International (0035).
In the primary home market, Cheung Kong Property has offered another 46 flats at Seanorama at Ma On Shan with a 2 percent price hike on previous homes listed for sale there.
A second round of sales is already set to start on Friday, with 66 units.
The firm sold 128 of the 188 units offered during the weekend.
At Cullinan West, the project set above the Nam Cheong MTR station, SHKP has opened studio show flats while announcing that more flats are being offered for sale there. Most buyers are Hong Kong people, with mainlanders taking only a small percentage, according to the developer.
Victor Lui-Ting, deputy managing director of SHKP, said he expects a moderate increase in home prices this year.
Poly Property, meanwhile, said it has now received 500 subscriptions for 188 flats that it is offering at Kai Tak.
In the luxury market, two units at Mount Nicholson on The Peak were sold at HK$568 million, or HK$64,181 psf.