Keen demand for Grand Central flats

Business | Gary Poon 10 Dec 2018

Sino Land (0083), Chinese Estates (0127) and the Urban Renewal Authority's Grand Central in Kwun Tong recorded 3,000 subscriptions and the developer launched 180 more units yesterday.

The units were priced at between HK$8.07 million and HK$19.87 million after the discount or between HK$15,599 and HK$20,170 per square feet. A total of 488 units in the first batch will be sold on Thursday.

Victor Tin Siu-yuen, associate director (sales) of Sino Group, said the flats will not be sold by tender.

The developer launched 205 units in the first batch, priced at HK$17,388 per square foot on average after the discount, and launched 103 more units on Saturday, priced at HK$17,468 per sq ft on average after the discount.

The project offers 1,999 units and is expected to be completed in late March 2021.

Meanwhile, Jiayuan International (2768) and Stan Group's nano flats project - The Plus in Tuen Mun - only sold two units on Saturday, which is the worst performance on the first day of sales this year.

The Plus priced at HK$16,937 per sq ft and the smallest unit of the project is 128 sq ft.

Sun Hung Kai Property's (0016) commercial building project - W LUXE in Sha Tin sold a total of 15 floors for a total of HK$2 billion in 10 days and the developer will increase the price of the remaining units 3 to 5 percent.

A spokesperson for the developer said they may launch their North Point Pak Tai Street project and some flats in Victoria Harbour and Ultima to the market in the next two months.

In the secondary market, 18 transactions were recorded on 10 major housing estates over the weekend according to Centaline Properties, Midland Realty, and Hong Kong Property Agency.

A 580-sq-ft unit in Taikoo Shing sold at HK$10.1 million or HK$17,414 per sq ft, HK$2.7 million lower than the asking price, while a 451 sq ft flat in Luk Yeung Sun Chuen in Tsuen Wan, sold at HK$6 million or HK$13,304 per sq ft, HK$800,000 lower than the asking price.

A 755-sq-ft unit in Sorrento, the estate on the top of Kowloon Station, sold for HK$21.5 million or HK$28,477 per sq ft.

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