Sino Land sets out its home sales plans for the year

Finance | Samantha Wong 21 Feb 2018

Sino Land (0083) will put 2,000 units on the market from its unnamed Kwun Tong project for the Year of Dog, as well as 550 flats in Tai Po and 100 flats in Sham Shui Po.

That will total 2,650 flats for the year, says associate director of sales Victor Tin Siu-yuen.

He also said the company will put three special units from The Palazzo in Sha Tin up for sale. They are sized at about 2,000 square feet to 3,000 sq ft.

Meanwhile, two units from the Mount Nicholson project on The Peak of The Wharf (0004) and Nan Fung Group were sold for about HK$590 million and HK$548 million recently, according to Land Registry records.

The more expensive flat is sized at 4,596 sellable sq ft, which represents a per sq ft price of HK$128,414.

The other flat is sized at 4,266 sellable sq ft and was sold for HK$128,413 per ssf.

A Ricacorp Properties report owed the average per square foot price at 50 major housing estates in Hong Kong last month was HK$13,922, up 1.3 percent from HK$13,744 in December.

Banyan Garden in Cheung Sha Wan has recorded a 7.6 percent increase in per sq ft price, while Fairview Park in Yuen Long has reported a decrease of 7.4 percent.

Eight of the major estates on Hong Kong Island have a per square foot price of HK$16,712, while the per square foot price of 21 estates located in Kowloon was HK$15,065, and HK$11,950 in the New Territories.

They also recorded 822 transactions in January, with 372 deals in the New Territories, 324 in Kowloon and 126 on Hong Kong Island.

On the rental market, a stigmatized property at The Sorrento in West Kowloon that featured in a deadly leap in September last year was reportedly rented out for HK$29,000 monthly, 20 percent lower than the rate of similar flats in the development.

That translates to the three-bedroom flat of 781 sellable square feet having has a per square foot rent of about HK$37 a month.

The owner bought the flat for HK$4.4 million in 2004.

Another stigmatized property that involved the murder-suicide of a couple at The Coronation in Yau Ma Tei was also rented out last month for HK$15,800 a month, also 20 percent lower than the rate of similar flats in the development.

That means the 400 sellable square foot flat has a per square foot rent of about HK$39 a month. The owner bought the flat for HK$7.6 million in 2012.



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