Buildings Department approves 18 plans

Business | Stella Zhai 25 Jul 2019

The Buildings Department of Hong Kong published 18 building plans approved in May, involving eight residential and commercial projects.

Among the projects, Hang Lung Properties (0101) received the approval for development of the Amoycan Industrial Centre Block 1 in Ngau Tau Kok, with a floor area of 178,070 square feet.

Henderson Land Development (0012) was allowed to rebuild three residential and commercial buildings in Whampoa, Hung Hom, totaling 336,681 sq ft.

The residential site in 39 Shouson Hill Road, Deep Water Bay, bought last year by China Resources Land (1109) for HK$5.93 billion, was permitted to develop ten three-storey houses, with a total floor area of 68,998 sq ft.

Local property price, however, is facing a downturn pressure for the next six months. Goldman Sachs expected the overall local property price would weaken in the next half-year given macro uncertainties, and remained unchanged for the full year, while it would rise three percent in both 2020 and 2021.

Property buyers of nano flats at T Plus might forfeit deposits as banks have stopped offering mortgages for T Plus buyers. As the developer of T Plus is new to the market, there are only three banks - The Hongkong and Shanghai Banking Corporation, Hang Seng Bank (0011) and Bank of East Asia (0023) - offering mortgages to its buyers. But as the number of applicants have exceeded banks' quotas, they have stopped receiving applications.

The first batch of 238 flats in Great Eagle Holdings' (0041) Ontolo in Pak Shek Kok, which will open for sale this Saturday, has received over 2,260 as yesterday, representing an 8.5 times oversubscription.

Meanwhile, homeowners are selling their real estate assets and exiting the market under negative sentiment amid political unrest. A 956-sq-ft apartment at Caribbean Coast in Tung Chung, owned by Li Xiaobing, a niece of former Chinese leader Deng Xiaoping, changed hands for HK$9.2 million, or a six-month-low HK$9,623 per sq ft, soon after she sold a 1,589-sq-ft luxury home at Azura in Mid-Levels West for HK$58.66 million last month.

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