Tuen Mun nano homes hit market

Business | Samantha Wong and Gary Poon 29 Nov 2018

Jiayuan International (2768) and Stan Group have released their first price list for their joint venture T Plus project in Tuen Mun, which offers some of the smallest units in Hong Kong, with the tiniest and cheapest unit costing HK$2.85 million for 131 square feet.

The first batch of 73 apartments, with sizes ranging up to 416 sq-ft two-bedroom flats, is priced at an average of HK$16,937 per sq ft. The most expensive unit costs HK$9.23 million, or HK$22,327 per sq ft.

However, the project's smallest 128-sq-ft flat has yet to be put on the market. The nano-flat development is expected to be completed next year.

Meanwhile, transactions in the primary home market have slowed this month, with only 310 sales as of yesterday - the lowest since January 2016, according to Centaline Property.

Centaline also said home prices are expected to fall in the fourth quarter, with an 8 percent drop in December, amid uncertainties brought by the Sino-US trade war.

Figures from JLL research showed that the first day sell-through rates for newly launched mass residential projects averaged out to only 51 percent in October, compared with an average of 97 percent in January to September.

According to government data released in October, transaction volumes in primary market exceeded those of the secondary market by 23 percent in September, the first time this had occurred since November 2015, when the housing market temporarily softened.

Far East Consortium International (0035) executive director Hoong Cheong-thar said property prices will still see a rise for 2018, although they have dropped a lot recently.

He thought the recent price correction is healthy for the market, and predicted prices would not fall drastically as demand remains strong while land supply is limited. He said his firm will continue seeking good quality development projects in Hong Kong, while also focusing on developing overseas business as there are great investment opportunities.

The group acquired one casino operation in the Czech Republic, and invested in an Australian casino hotel.

Hoong said British and Australian investment projects provide great returns, while Singapore's luxury home market also offers much potential.

Far East Consortium said its interim profit dropped 40.3 percent to HK$616 million, with an interim dividend of 4 HK cents declared. The group's core adjusted cash profit fell 45.6 percent to HK$582 million, as it was affected by lower property competition, which was offset by the strength of recurring cash-flow business.

samantha.wong@singtaonewscorp.com

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