CK Asset's (1113) The Coast Line I in Yau Tong will go on sale Sunday, with the first 219 flats already 22 times oversubscribed with 5,000 checks.
And tomorrow, Villa Garda III in Lohas Park will start to receive checks as well, competing with the Yau Tong project for potential homebuyers.
Jointly developed by Sino Land (0083), K Wah International (0173), China Merchants Land (0978) and MTR Corp (0066), the phase 11D of Lohas Park, known as Villa Garda III, released the first price list on Wednesday, offering 130 units.
Sino Land said up to 70 percent of inquiries over the new flats in Tseung Kwan O had come from homeowners or tenants in the area, with two-bedroom units being the most popular among prospective buyers. More apartments may be released over the weekend and there is room for price increases, said Sino Land.
Sales of units at Villa Garda III will kick off as early as next week.
In contrast to the hot primary market, a homeowner of Maya by Nouvelle in Yau Tong sold their unit for HK10.5 million, suffering a loss of over HK$3.7 million, having bought it for around HK$14.2 million back in 2020.
Meanwhile, the one-month mortgage-related Hong Kong interbank offered rate dipped to 4.63 percent yesterday, a new low in over two months, despite the US Federal Reserve's signal of more interest rate hikes in the latest meeting minutes. The Hong Kong Monetary Authority also revealed that the composite interest rate, a measure of the average cost of funds of banks, rose by 11 basis points monthly to 2.46 percent as of the end of July, indicating an increase in the weighted funding cost for deposits.
In the commercial market, more properties were put up for sale, including the Nexxus Building in Central for HK$6 billion and a serviced apartment block in Sheung Wan called Giada Central with an asking price of HK$1.3 billion.
Last week, Three Exchange Square in Central was reported to be put up for sale for around HK$16.3 billion, though the landlord Hongkong Land denied later that it has no such plans.
The Coast Line I had 5,000 checks for 219 flats. Sing Tao
