New projects rolled out amid policy address hopes

Developers are gearing up to roll out new projects and home sales amid hopes that Chief Executive John Lee Ka-chiu's policy address tomorrow will include measures to revive Hong Kong's sluggish property market.

Emperor International's (0163) SouthSky, a new residential project in Aberdeen, will shortly reveal its initial price list featuring no less than 50 flats at budget-friendly prices.

Located at 80 Old Main Street in Aberdeen, SouthSky is a single-block residential redevelopment project.

It is the first entirely new residential development in Aberdeen in nearly 15 years, offering a total of 110 flats, including one to three-bedroom layouts, with a focus on one-bedroom and two-bedroom units.

In addition, the project encompasses retail spaces on the ground and first floors, with the second and third floors dedicated to a fitness center, rooftop garden, and landscaped areas, which is anticipated to be finalized by the end of March 2025.

Vice president Alex Yeung Ching-loong said the rapid development of the Southern district on Hong Kong Island has transformed it into a commercial hub.

With upcoming large malls and improved amenities, he foresees even more growth in the area, making SouthSky a well-suited development.

The project has garnered significant market interest since its naming, and the Emperor plans open show flats to the public today.

In Tuen Mun, Sun Hung Kai Properties (0016) will restart sales for its residential project Novo Land in the next two weeks.

Novo Land Phase 2A will feature a new tower, Charlot Tower 1, offering a total of 410 flats. The developer says that this tower boasts superior views and it is confident about sales prospects.

It plans to set prices after the policy address is released and assess market sentiment at that time.

In Kai Tak, KT Marina, a joint venture involving K Wah International (0173), Wheelock Properties and China Overseas Land and Investment (0688), is to unveil its inaugural price list today.

The first batch will comprise a minimum of 204 flats, and is expected to be very competitively priced.

In the secondary market, Hong Kong Property Services reported a total of five transactions at 10 major housing estates during the three-day weekend, with no deals done yesterday.

This reflects a 28 percent decrease compared to the seven transactions from the previous weekend.