Home completions triple in January

Hong Kong's new private home completions nearly tripled month-on-month in January to 3,178 units, the highest in nearly one year, according to the data from Rating and Valuation Department.

Small- and medium-sized flats accounted for over 90 percent of the total completions - a total of 1,570 class A flats with areas of less than 40 square meters were completed, while the figure for class B units, which range from 40 sq m to 69.9 sq m, was 1,345, according to the data.

A majority of the newly built homes in January - 53 percent - are located in the New Territories and 41 percent in Kowloon.

This came as latest data from the Lands Department showed only two presale consents involving 779 residential units were granted in February - 56 percent down from the 1,770 flats granted the month before.

The two projects that received the approvals are Star Group's After The Rain in Yuen Long with 335 units and Wheelock Properties' Koko Rosso in Lam Tin, which provides 444 flats.

Meanwhile, for the first time in a year, no private developer applied for presale consent last month. But the Hong Kong Housing Society sought permission for the sale of a public housing project on No 18 On Hei Street in Kwun Tong. The project provides 422 units.

As of end of February, approval was pending for 43 developments offering a total of 19,486 homes.

Property agency Midland Realty said the total number of units that have been approved for presale but not yet put on the market has grown to more than 13,600.

In another development, Chinachem said it may announce the first price list for Phase 1B of the company's In One atop the Ho Man Tin MTR Station next week whereas the sales brochure of the 183-flat development could be released this week and sales may start within the month at the earliest.

In Tuen Mun, Grand Jete phase 2, CK Asset's project with Sun Hung Kai Properties, is also expected to launch next week the first batch including at least 80 homes.

Phase 2B of SHKP's Novo Land, also in the area, is 45 times oversubscribed with over 8,000 checks competing for the 171 flats being offered.

At Mid-levels, Emperor International sold a 181-sq-ft special unit with a 118-sq-ft balcony at Central 8 for HK$5.81 million, or HK$32,099 per sq ft.

In the luxury sector, a 1,868-sq-ft three-bedroom home at Sino Land and CLP's St George's Mansions in Ho Man Tin was sold for HK$82 million, or HK$43,897 per sq ft, along with a parking space.