Prices increase for new Tuen Mun flats

Business | Stella Zhai 18 Jul 2019

Wing Tai Properties (0369) released a new price list for 50 flats sized from 276 to 458 square feet at Oma Oma in Tuen Mun, with an average price of HK$13,295 per sq ft. That's 1.2 percent more expensive than the previous batch, and 6.7 percent more than the project's first price list.

The cheapest unit in the new batch is priced at HK$4.06 million, or HK$14,725 per sq ft, while the most expensive flat costs HK$5.98 million. The new batch also involves the last nine open floor plan units.

National Electronics (0213) uploaded the sales brochures of its luxury home project 45 Tai Tam Road, providing seven houses ranging from 4,751 to 4,848 sq ft.

The developer acquired the site for HK$480 million in 2009, and has paid HK$307 million premium to the Hong Kong Housing Authority for removal of the alienation restrictions in 2015.

Meanwhile, the secondary market saw large deals from public figures yesterday. Li Xiaobing, a niece of former Chinese leader Deng Xiaoping, and her husband Wallace Yu Yipping sold a 1,589-sq-ft luxury home at Azura in Mid-Levels West for HK$58.66 million, or HK$37,000 per sq ft, 20 percent higher than their purchase price in 2011.

Bunny Chan Chung-bun, a Hong Kong deputy to the National People's Congress, sold a 748-sq-ft unit for HK$22.5 million, or HK$30,000 per sq ft - nearly three times the HK$7.7 million acquisition price in 1998.

However, Samson Fung Man-wai, chairman and chief executive of Hang Sang (Siu Po) International (3626), and senior vice president, David Fung Man-kam, sold a 2,057-sq-ft house at the Giverny in Sai Kung for HK$32.5 million, or HK$15,799 per sq ft - HK$220,000 less than the purchase price in 2007.

A 982-sq-ft flat at Eugene Terrace in Ho Man Tin fetched HK$18.48 million, or HK$18,818 per sq ft by tender, 30 percent lower than the asking price in 2016.

The one-month Hong Kong Interbank Offered Rate, a benchmark for mortgage loans, fell for the ninth straight day to 1.81607 percent yesterday.


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