K Wah takes small step in big Tai Po play

Business | Jeannie Tang 22 Feb 2018

K Wah International (0173) recorded HK$10 billion sales in the first-hand home market in 2017, and plans to launch 1,122 units from its Pak Shek Kok project in Tai Po next month.

The latest units range from studios to four-bedroom flats, of which 60 percent are two-bedroom units or smaller, as most homes in the same district are large, so there is a certain demand for smaller units, said general manager Tony Wan Wai-ming.

He said the developer will set selling prices by referring to levels in the secondary market in Pak Shek Kok and Tai Po, and the first-hand market in Ma On Shan.

Wan added the group is waiting for presale consent, and expects to put the flats on the market next month.

He predicted home prices will rise 5 percent because new flat supply is mainly located in the New Territories, which is less attractive to the buyers. Besides, he said prices of large flats will grow faster than those of medium and small flats. He attributes this to demand from buyers who wish to upgrade.

Meanwhile, Wheelock Properties (0020) will put the first batch of 320 flats from its Lohas Park Phase five project in Tseung Kwan O on the market.

Executive director Ricky Wong Kwong-yiu said most of the flats have sea views, which is favorable for pricing. Selling prices will be set by referring to prices of its other Tseung Kwan O south projects.

He said presale consent has been received, and the group will start promotional and sales activities soon.

Lohas Park Phase five includes 1,600 flats, ranging from one-bedrooms to four-bedrooms.

About 60 percent are made up of two-bedroom flats, while 30 percent come in three and four bedroom units, and will be marketed in batches.

Meanwhile, Nan Fung has sold a 1,188 square foot four-bedroom flat at Island Residence in Shau Kei Wan for HK$35.6 million, or HK$30,000 per square foot.

Separately, the Estate Agents Authority has issued a circular for property agents on anti-money laundering.

Authority chief executive Ruby Hon Yuen-ping said property agents are not trustees representing their customers to receive the deposits or funds.

They are the intermediary between buyers and sellers, so the circular, including guidelines and background information of anti-money laundering, can provide them with a clearer understanding of the Anti-Money Laundering Ordinance, and protect them from breaking the law.

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