Race looms for buyers as 1,400 flats come to market

Property | Staff reporter 11 Mar 2021

The launch of new projects has been happening at a fast clip this month and will provide a fresh supply of more than 1,400 units.

Grand Victoria phase one, jointly developed by Wheelock Properties, Sino Land, K Wah International, Shimao and SEA Holdings, opened its show flats last week.

Offering studio flats to three-bedroom units, the first batch of 108 units ranged in price from HK$8.02 million to HK$27.56 million each.

After a 20 percent discount, the prices came in between HK$6.42 million and HK$22.04 million, with the per-square-foot price averaging HK$24,628. The estimated material date for the project is set for March 2023.

Other than its convenient location - neighboring Nam Cheong station - another selling point of the project is that every flat boasts a view of Victoria Harbour.

Coupled with the scarce supply of new developments in West Kowloon, the project is expected to attract investors from both within and outside the area, becoming a new focus of the market.

Phase one of Grand Victoria offers a total of 524 units, with layouts ranging from studio flats to four-bedroom units.

The five developers bought the site for HK$17.29 billion in November 2017. With a buildable gross floor area of 987,000 sq ft, the land premium per sq ft was HK$17,501, breaking the land sale record of the year.

Meanwhile, South Land, a residential project atop Wong Chuk Hang station, will also go on sale as soon as this month. As the first above-station project in years, it is expected to attract a lot of market attention as well.

The project offers about 800 units, with the layouts ranging from studio flats to four-bedroom units.

Two-bedroom and three-bedroom units account for over 60 percent of the total flats, and a public tender will be held for the featured units.

The developer has revealed that the development is positioned as a luxury residential project, with prices matching those of luxury properties in the same district to target Central office workers and buyers who are looking to exchange their existing homes for another.

The tender for the site was won by Road King in partnership with Ping An Real Estate in February 2017, as they beat the remaining 13 consortiums.

It was also the first time that a mainland-funded consortium has been awarded a large-scale railway project in Hong Kong.

In addition, Hampstead Reach in Yuen Long developed by Henderson Land also opened its show flats.

The project involves 16 three-story houses, with areas ranging between 1,772 and 1,826 sq ft.

The developer said houses number 10, 12 and 19 will be sold by tender every day starting from March 9 until the end of the month.

Prince Central, Sun Hung Kai Properties's Ho Man Tin project, also announced its first price list last week.

The first batch of 50 units, with a sellable area ranging between 251 and 345 sq ft, ranges from HK$8.17 million to HK$12.58 million. After a 15 percent discount, the final price is HK$6.95 million to HK$10.69 million, or HK$29,688 per sq ft on average.

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