New Ho Man Tin flats priced at eight-year low

Onmantin, jointly developed by Great Eagle (0041) and MTR Corporation (0066) in Ho Man Tin, has revealed the first price list, offering 115 flats with an average price of HK$19,988 per square foot, the lowest in eight years in the district.

The flats range from 388 sq ft to 774 sq ft and the cheapest is a one-bedroom flat priced at HK$6.89 million.

"The price level reflects the developers' desire to reduce inventories," Louis Chan Wing-kit, the Asia-Pacific vice-chairman of the residential division at Centaline Property, said.

In the district, the luxury project St George's Mansions, developed by Sino Land (0083) and CLP, sold a four-bedroom flat for HK$85.48 million yesterday.

Meanwhile, Wheelock Properties said its property sales have exceeded HK$10 billion in less than four months this year, achieving the full-year target early.

The developer has sold 867 flats, cashing in HK$10.04 billion, including 568 flats at the Seasons Place in Tseung Kwan O.

While Hong Kong developers continue selling new projects at relatively low prices, they remain cautious about the land redevelopment projects.

The compulsory sale of Haven Court in Causeway Bay at a reserve price of HK$2.43 billion was canceled as it failed to receive any bids yesterday, marking the fourth unsuccessful compulsory sale this year.

Developer Soundwill (0878) filed for this compulsory sale in 2019, holding 84.04 percent ownership at that time. Completed in 1959, Haven Court occupies an area of about 13,150 sq ft and is an 11-story composite building, with a total of 44 shops and 125 flats.