Altissimo flats go abegging at launch

Business | Jeannie Tang, Avery Chen and Samantha Wong 27 Nov 2018

The first batch of 110 flats at Country Garden's (2007) Altissimo project in Ma On Shan drew a very poor response as it went on sale yesterday.

Though the developer received more 340 subscriptions, there were no takers for Batch A aimed at bigger buyers, with Batch B - targeted at individuals - recording just a handful of sales.

All in all, a mere 18 flats were sold, according to reports.

Morgan Stanley, meanwhile, forecast home prices will fall by 10 percent more in the coming six months but will pick up in the middle of next year as the economy rebounds with the US stopping hiking interest rates. However, most estimates in the market are that falling pressure will continue for the whole of next year. Goldman Sachs said home prices might fall as much as 20 percent next year, as mortgage costs will increase.

In the secondary market, home price cuts show no sign of stopping. A homeowner in Taikoo Shing slashed 15 percent, or HK$1.7 million off the asking price to sell a 593-square-foot flat for HK$10.3 million, or HK$17,369 per sq ft. The property was listed at HK$12 million a month ago, said Midland Realty.

A 412-sq-ft two-bedroom flat at Hilton Plaza in Sha Tin changed hands at HK$5 million, or HK$12,136 per sq ft, 12 percent lower than a flat of the same size sold for in June.

The Urban Renewal Authority will soon issue acquisition offers of HK$18,023 per sq ft to property owners affected by the Oak Street and Ivy Street Development Project in Tai Kok Tsui. The Oak Street project occupies a gross site area of about 9,000 sq ft, covering seven street numbers of buildings completed between 1963 and 1977.

It affects a total of 64 property interests. All property owners will have 60 days to consider the URA's offers which will be issued shortly.

Sun Hung Kai Properties (0016) expects that New Town Plaza in Sha Tin will record an 8 percent increase in customer flow and a double-digit rise in turnover in the busy festive period from today to January 13.

Yoki Hui, senior general manager of leasing at Sun Hung Kai Real Estate, said promotion fees increased by 20 percent year on year to HK$12 million.

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