Focus on home sales by tender

Business | Lucas Lo 18 Apr 2019

Nan Fung Development plans to offer 11 apartments in its luxury project Island Garden in Shau Kei Wan for tender.

That will likely happen within several months, though Nam Fung could hold off until later.

Geoffrey Lo, general manager of Nan Fung's property development and sales departments, said the firm has sold 459 units at Island Garden for HK$8.58 billion, with an average per square foot price at HK$21,662.

But Nam Fung preferred to sell the 11 special units by tender, Lo said, noting the project was launched some time ago.

Henderson Land Development (0012) is meanwhile looking at selling two-bedroom flats at Reach Summit in Yuen Long, and there is a possibility of a 5-percent price increase. Reach Summit has already sold 33 units launched on Tuesday at an average price of HK$16,771 psf. The project has sold 407 units for HK$1.85 billion.

Three houses have also been sold at Wheelock Properties' NAPA in Tuen Mun, where 388 units - including 17 luxury homes - have been sold for a turnover of HK$3.06 billion.

Managing director Ricky Wong Kwong-yiu said the company will launch four more luxury homes by tender today in a response to market demand.

And 295 units have been launched at Billion Development's Centra Horizon, accounting for more than 20 percent of units at Pak Shek Kok.

On the subject of tender sales, Justin Chiu Kwok-hung, executive director of CK Asset (1113), said his firm supports new guidelines from the Real Estate Developers Association. They state that sales by tender should be limited.

Chiu said the system has been abused.

He also believes the market needs a definition for luxury homes, adding that "nanometer flats" do not belong in the category.

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