Virus crisis delays Lohas Park 9C launch

Hong Kong property developer Wheelock and Company (0020) said yesterday that it may delay the launch of its Lohas Park Phase 9C development as the city's home transactions fell amid coronavirus fears, but said it is unlikely to affect pricing.

Wheelock will announce a time for the launch, which had originally been scheduled in the first quarter, when the atmosphere becomes "less tense," executive director Ricky Wong said.

The developer expects to roll out three to four projects this year, including Lohas Park Package 9C and a project on Sin Fat Road in Kwun Tong.

Wong estimates property prices will see a fluctuation of about 5 percent in the first half of the year.

He said property prices will not increase sharply due to uncertainties, and that the Wuhan coronavirus outbreak currently has no impact on the pricing of new projects.

Wong believes the real estate market will heat up after the spread of the disease is contained.

Separately, Wing Tai Properties (0369) sold two 458-sq-ft apartments in Oma Oma in Tuen Mun for a total of HK$13.15 million.

The secondary market, meanwhile, continued to see more price cuts.

In in Cheung Sha Wan, a 604-sq-ft flat at Liberte changed hands for HK$9.99 million, or HK$16,540 per sq ft, after HK$2.01 million was cut from the original asking price.

A 855-sq-ft flat at Mei Foo Sun Chuen in Lai Chi Kok fetched HK$11 million, or HK$12,865 per sq ft, after HK$12 million was cut from the initial asking price.

Meanwhile, K Wah International (0173) will launch more than 3,800 units this year, including MTR Kam Sheung Road Station Project Phase 1, which provides about 2,200 flats.

In 2017, a consortium formed by Sino Land (0083), China Overseas Land & Investment (0688) and K. Wah International won development rights for the residential project for HK$8.33 billion, or HK$6,735 per sq ft.

In other news, some local property developers have cancelled Lunar New Year media receptions, including Sun Hung Kai Properties (0016), Emperor International (0163), K Wah International, Sino Land and Wheelock and Company (0020), due to concerns over the coronavirus.