Prices increasing for Tuen Mun flats

Business | Jeannie Tang 23 Apr 2019

Chuang's China Investment (0298) will launch 70 units at the Esplanade in Tuen Mun on Thursday, with 41 flats selling according to the fourth price list to be issued and the others by tender.

The 41 units are priced from HK$4.82 million to HK$7.02 million, or HK$19,174 to HK$27,422 per square foot.

Also, five unsold units from the third list, released in November 2018, will be put on sale at a higher price. The asking price of a 336-sq-ft flat has risen by 3 percent to HK$7.02 million, or HK$20,904 per sq ft.

Billion Development's Centra Horizon has meanwhile received 3,100 applications for 295 flats, or 9.5 times more than are available. And Henderson Land (0012) sold a 390-sq-ft unit at Seven Victory Avenue in Ho Man Tin for HK$12.7 million, or HK$32,754 per sq ft, a record high for the project.

On the broader sales pictures, 10 major housing estates tracked by the four largest property agencies posted 76 transactions over the four-day holiday. But only 32 deals were struck on Saturday and Sunday.

Louis Chan Wing-kit, vice-chairman for Asia-Pacific at Centaline Property Agency, said many prospective buyers canceled their reservations to visit the flats due to the bad weather in the first two days of the Easter holiday. He added that a new project in the New Territories will soon be open for sales, which will take some of the money out of the second-hand market.

Chan also believes business will pick up now that some prospective sellers have returned to Hong Kong after going on holidays overseas, which means increased supply in the secondary market.

Parc City in Tsuen Wan also recorded its first deal in the secondary market. A 431-sq-ft flat sold for HK$9.83 million, or HK$22,826 per sq ft. The vendor had bought the property for HK$7.23 million in 2017.

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