K&K Property plans to sell by tender the luxury project One Stanley as early as the second quarter as sentiment in the property market has improved.
The smallest unit would be 800 square feet and the prices will refer to similar projects in the Southern District of Hong Kong Island, as well as Ap Lei Chau and Wong Chuk Hang.
The transaction price of the larger units had recently reached up to HK$50,000 a square foot, said Tony Cheng, the investment and sales director of K&K.
One Stanley is designed by Robert Stern, a New York City-based architect and the founding partner of the architecture firm Robert A M Stern Architects.
Stern has been the designer of many luxury projects in Hong Kong, including Mount Nicholson and The Morgan on the Peak.
One Stanley, a low-density project, has a site area of 272,300 sq ft and a buildable floor area of 226,000 sq ft, while the area with plantation is 81,000 sq ft, accounting for 30 percent of the total site.
The projects will offer 50 flats in 11 four-storey buildings and 32 independent houses.
Cheng predicts prices of luxury homes could rise 10 to 15 percent, compared with the estimated growth of 5-10 percent for other private homes, citing the rising transactions after China's reopening, the expected peak of interest rates in the third quarter and the Top Talent Pass scheme by the Hong Kong government.
In Kowloon Tong, a luxury house on Oxford Road is up for sale with an intended price of HK$450 million, or HK$58,000 per sq ft, said the agent Colliers.
Four houses on Plantation Road on The Peak jumped into the market by starting the tender sale this Friday.
For private homes, the Vertex in Cheung Sha Wan, held by Twin City, sold five more flats yesterday, cashing in HK$45 million, adding up to a total of 18 homes sold in one week. The manager of the project, VMS, will put four more flats on sale on Friday, with the size ranging from 408 to 439 sq ft.
And there are more new homes to come.
Star Group (1560) said the project After the Rain in Yuen Long expects to release the first price list in March, offering at least 67 units in the first batch for "reasonable" prices. And in Tuen Mun, Sun Hung Kai Properties (0016) will upload the prospectus of Novo Land 2B this week, involving 729 units.
Tony Cheng sees prices for luxury homes rising by up to 15 percent. Right, One Stanley goes up. SING TAO
