Price list for flats in My Central issued

Business | Samantha Wong 13 Oct 2017

CK Asset Holdings (1113) and the Urban Renewal Authority released the price list for the first batch of 50 flats at their My Central joint venture residential development in Central.

The average price per square foot for the flats is HK$29,000.

The first batch is comprised of 674-square-foot, two-bedroom flats and 996-sq-ft, three bedroom apartments, priced from HK$17.7 million to HK$42.4 million.

CK Asset has put on the market again seven flats at its Ocean Supreme project in Tsuen Wan West that were abandoned by homebuyers who opted to forfeit their deposits. It is offering the units for sale at prices 3 percent higher than levels when they were first offered.

CK Asset chairman Justin Chiu Kwok-hung said he expects home prices to increase gradually until next year since the government has no intention to impose new measures to suppress home prices as indicated by the policy address yesterday of Chief Executive Carrie Lam Cheng Yuet- ngor.

He noted that the government's Starter Homes scheme only involves about 1,000 flats, and are likely to have a minimal impact on the private housing market.

Colliers International said in a research report that it will take some time for private developers to negotiate with the government the incorporation of a Starter Homes provision in new projects, especially in ventures involving their agricultural land banks.

It said Starter Homes and private apartments are two separate markets, with different designs, quality, and amenities. They [starter homes] "will not have a major impact on the private housing market as the number of units will be rather small."

Colliers also said that in the office market, long term lack of new supply in Central has forced tenants to look for quality office premises with a more favorable rental profile in more decentralized areas.

Cushman & Wakefield, meanwhile, said office rents in Central broke the record again in the third quarter, but the pace of growth has slowed. "The booming co-working trend has stimulated office leasing demand during the quarter," said the property consultancy firm.

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