Several new commercial and residential units have been launched on the market.
The first batch of the commercial property W Luxe, which is being developed by Sun Hung Kai Properties (0016), has been fully subscribed and won funds worth HK$1 billion. The second batch will be launched in the next two days, with a price increase of 3 percent. The entry price for the second batch is nearly HK$5 million while the project offers 429 units, with areas ranging from 400 to 600 square feet. It will be completed by October 2020.
Sun Hung Kai Real Estate Agency Deputy Property Investment Manager Rene Wong said around 50 percent of the buyers in the first batch are investors while some buyers are doctors, dentists, and educators.
Meanwhile, Henderson Land (0012) will introduce a new property, The Consonance, at its showroom and publish its price list this week at the earliest.
The project is at North Point Jupiter Street and offers 216 units, with areas ranging from 175 to 302 sq ft and management fees of HK$4.6 per sq ft. It will be completed by the end of the end of August 2020.
In the secondary market, sellers keep cutting prices. A 551-sq-ft three-bed unit at Kingswood Villas in Tin Shui Wai changed hands for HK$5.04 million, or HK$9,147 per sq ft, down from its asking price of 5.5 million.
Also, a 441-sq-ft flat in The Metropolis, Tseung Kwan O, sold for HK$6.06 million, or HK$13,741 per sq ft, 16 percent less than its asking price.