He said the national security law would not impact the market, adding that prices may fluctuate by about 10 percent due to supply shortage. He said emigrants may not sell their properties as yet for fear of missing out on returns from rising prices.
Wheelock executive director Ricky Wong Kwong-yiu said the project would be developed in three phases and developers are applying for the sales brochure.
Thomas Lam Ho-man, Hong Kong-based head of valuation at Knight Frank, forecasts local property prices will fluctuate by no more than 10 percent in the next one to two years. Commercial property valuations had fallen by 10 to 15 percent in the past year, he said, and a low-interest rate would help a recovery.
Henderson Land Development (0012) general manager Thomas Lam Tat-man expects the low-interest-rate to sustain and to positively affect the market, as there is still rigid demand. Meanwhile, a 3,112-square-foot special unit at the developer's Double Cove in Ma On Shan sold for HK$51.13 million, or HK$16,430 per sq ft.In the secondary market, a 687-sq-ft flat at Laguna City in Kwun Tong changed hands for HK$10.38 million, or HK$15,109 per sq ft, after 1.14 percent was cut from the initial asking price. The seller still gained HK$6.13 million.
In other news, the one-month Hong Kong Inter-bank Offered Rate slid for a 10th consecutive day to 0.56071 percent, the lowest since October 2017.
