New projects tipped to provide 11,000 flats

Business | Kevin Xu 17 Jul 2019

There will be a supply of more than 11,000 units from new projects in the local primary market in the second half of the year, according to the chief executive of Midland Realty's residential division.

Sammy Po Siu-ming said the local property market was affected more by the Sino-US trade war than the recent demonstrations against the extradition bill, as no would-be buyers have been found holding back because of the protests.

Midland's chief analyst Buggle Lau Ka-fai expects the supply of private homes will fall below 18,000 units per year between 2021 and 2023.

Lau said there will be a shortage in land supply in the mid to long term, as the government slowed down land sales, while the Land Sharing Pilot Scheme and Lantau Tomorrow Vision - which are aimed at increasing land supply - have been postponed for political reasons.

Meanwhile, Hanison Construction (0896) sold the boutique serviced apartment, One Eleven, in Sai Ying Pun for HK$420 milion - 66 percent higher than what it paid to acquire the property four years ago.

Separately, a would-be buyer of a 1,367-square-foot unit at Island Harbourview in Tai Kok Tsui has forfeited deposits of about HK$2 million, rather than completing the purchase of the flat for HK$38.8 million, or HK$28,383 per sq ft, last month.

Shirley Chan Pau Shiu-yeng, wife of IDT International's (0167) former chairman Raymond Chan Wai-man, sold a luxury house at Arezzo in Mid-Levels for HK$49.8 million, or HK$38,132 per sq ft.

A 748-sq-ft flat at Laguna City in Kwun Tong changed hands for HK$10.76 million, or HK$14,385 per sq ft, after HK$440,000 was slashed from the original asking price.

A three-bedroom unit at Ocean Shores in Tseung Kwan O fetched HK$16.8 million, or HK$21,053 per sq ft - nearly triple what the vendor paid 19 years ago.

Great Eagle's (0041) Ontolo in Pak Shek Kok will go on sale within this month, and the pricing will refer to other developments in the same area, said executive director Alexander Lo Chun-him.

Lo predicted the property market will grow in a steady fashion in the second half.

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