Five launches set amid forfeit fears

Property | Staff reporter 10 Sep 2020

Five new projects involving 975 units are expected to hit the primary market this month even as the Covid-19 pandemic shows signs of abating.

Sun Hung Kai Properties put 65 flats in the first price list for Wetland Seasons Park phase three in Tin Shui Wai at an average HK$12,968 per sq ft after discounts.

The project offers 318 units measuring between 291 and 816 sq ft. More than half of the units have two bedrooms.

Wetland Seasons Park, the first new project in the district in 10 years, will offer a total of 1,727 units.

That comes as Henderson Land Development expects to launch TwoArtLane in Sai Ying Pun this month.

Henderson says it has sold 186 flats at OneArtLane.

In Happy Valley, Yuanzhong Group has released a sales brochure for Eight Kwai Fong Happy Valley, offering 139 units measuring between 258 and 428 sq ft, which are mainly studio and one-bedroom flats.

In Mong Kok, Chevalier International plans to launch Sablier on 8 Fuk Chak Street this month.

The project offers 144 units: 46 studio, 88 one-bedroom and 10 units of featured flats.

There will also be shops on the ground floor.

Developers Top Spring International and Chun Wo Development said their sales brochure for 128 Waterloo is in its final stages.

The project in Ho Man Tin offers 110 units of one-bedroom and two-bedroom flats.

Meanwhile, the developers of new projects are racing to open showrooms.

K Wah International opened one for K Summit in Kai Tak, using a D unit as a blueprint.

K Summit offers 1,006 units. The standard flats range from 287 to 778 sq ft. The feature flats are from 1,027 to 1,888 sq ft. The houses range from 3,215 to 3,268 sq ft.

Henderson Land Development also opened a show flat at The Vantage in Hung Hom. The project has 551 units, ranging from studio flats to two-bedroom flats. Sizes are from 170 sq ft to 357 sq ft.

However, a troubling sign is seeing buyers walking out of deals recently over fears of a price slump amid the pandemic and escalating Sino-US tensions.

That involved 30 home purchase deals at major new projects last month, media reported.

A buyer forfeited a deposit of about HK$220,000 after canceling the purchase of a 227-sq-ft flat at Emerald Bay in Tuen Mun, which was offered at HK$4.33 million.

In Pak Shek Kok, another gave up HK$1.51 million after calling off a deal for a 1,033-sq-ft flat at Centra Horizon that cost HK$15.1 million, or HK$14,621 per sq ft.

In Tuen Mun, a buyer forfeited about HK$200,000 after walking away from a deal for a 290-sq-ft flat at Seacoast Royale, priced at HK$3.96 million, or HK$13,669 per sq ft.

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