Nano flats are heavily oversubscribed

Business | Kevin Xu 12 Jul 2019

The T Plus nano flats in Tuen Mun have been 34 times oversubscribed, with the project receiving more than 12,000 subscriptions for four price lists which comprise more than 300 flats.

The project is being developed by Jiayuan International (2768) and Stan Group.

The news came as New World Development's (0017) K11 revealed that its 22-story Grade A office building - K11 Atelier on King's Road - has been granted an occupation permit four weeks earlier than expected and will be used later this year.

Meanwhile, Sun Hung Kai Properties (0016) will launch five projects in the second half of the year, said Victor Lui Ting, deputy managing director of SHKP.

Lui said the Deutsche Bank's termination of its tenancy at the International Commerce Centre would not affect the occupancy rate of the project.

Road King Infrastructure (1098) chairman Derek Zen Wei-peu said US interest rate cuts would benefit local property prices, and he expects the market to stabilize or pick up in the future.

Real estate adviser Savills also said it expects investments in the local market to be bumpy over the next three to six months.

In the secondary market, a three-bed unit at Park Yoho Venezia in Yuen Long sold for HK$11.81 million or HK$12,497 per sq ft, after HK$690,000 was slashed from the asking price. The selling price was 16.4 percent higher than what the vendor paid three years ago.

In other news, the overall Hong Kong Interbank Offered Rate saw a pullback yesterday. The one-month Hibor, which is linked to the mortgage rate, fell for a five straight trading day to 2.378 percent yesterday.

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