West Kowloon project sells 33 of 123 flats

Thirty three out of 123 units on offer at Grand Victoria phase one in West Kowloon have been sold, the developers say.

The property in Cheung Sha Wan is being developed by Wheelock Properties, Sino Land (0083), K Wah International (0173), Shimao (0813), and SEA Holdings (0251).

Five buyers have forfeited deposits of about HK$3.53 million after walking away from the purchases of five flats at LP6 in Tseung Kwan O. The five units, measuring between 307 square feet and 522 sq ft, were offered at between HK$5.56 million and HK$8.7 million.

In the luxury segment, former Beyond bassist Steve Wong Ka-keung sold a 1,615-sq-ft unit at Everwell Garden in Ho Man Tin for HK$27.2 million, or HK$16,842 per sq ft, local media reports. Wong will make a capital gain of HK$15.55 million after holding the property for 15 years.

In the commercial market, the overall vacancy rate of grade A offices remained at 9.3 percent in February, JLL said. Rents declined for the 21st consecutive month, dropping by 0.8 percent month-on-month in February.