SHKP to launch luxury Peak project

Business | Tereza Cai 11 Jul 2019

Sun Hung Kai Properties (0016) will launch the luxury project Central Peak on Stubbs Road connecting Happy Valley and The Peak, for sale as early as next month, and preferred sale by tender.

SHKP won the land plot in 2011 for HK$4.49 billion.

The plot ratio of the project was about 1.2 times, said Victor Lui Ting, deputy managing director of SHKP, adding that it always sets prices for new properties based on the market price.

The 53 apartments in phase one, comprising of three-bedroom and mainly four-bedroom units with sellable area ranging from 1,700 sq ft to 2,100 sq ft, has an occupation permit, and showcases will soon be presented, said Andy Chan, general manager at Sun Hung Kai Real Estate Agency.

Phase two comprising of 19 houses does not have the occupation permit, and the material date is set to April 30.

A residential site of 6-6C, Duke Street in Kowloon Tong is put on sale by tender, which has a land area of 7,500 sq ft and can be redeveloped into a building with up to 5 times plot ratio.

New World Development's (0017) Atrium House in Yuen Long recorded the first case of deposit forfeiture when a buyer walked away from a 308-sq-ft unit purchased for HK$5.57 million or HK$18,150 per sq ft on June 30, forfeiting their deposit of HK$278,600.

Wheelock and Company's (0020) Grand Montara also saw two deposit forfeitures. A buyer of a 705 sq ft unit purchased for HK$9.88 million, or HK$13,822 per sq ft, forfeited their deposit of HK$494,000. A buyer of a 760-sq-ft unit bought for HK$10.31 million or HK$13,559 per sq ft forfeited their deposit of HK$515,250.

Residential transactions involving special stamp duty, doubled ad valorem stamp duty and buyer's stamp duty fell 35 percent month-on-month to 1,951 in June, and hit a four-month low.

The amount of SSD, DSD, and BSD collected dropped by about 20 percent monthly to HK$200 million, a four-month low.

According to Qfang, the number of local first-time buyers accounted for 93 percent of residential transactions in the first half hit a record high.

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