Wheelock, MTRC launch 'affordable' flats

Business | Kevin Xu 23 Aug 2019

Wheelock Properties and MTR Corporation (0066) launched 130 flats as the first batch of Marini at Lohas Park in Tseung Kwan O, with the cheapest 370-square-foot one-bedroom unit priced at HK$5.2 million, or HK$14,051 per sq ft, after discount.

The 130 units, sized from 370 to 770 sq ft, are priced from HK$5.2 million to HK$12.06 million, or between HK$13,794 to HK$16,232 per sq ft, after discount.

These flats are offered at an average price of HK$14,997 per sq ft - 7 percent higher than the average per sq ft price of HK$13,999 in the first price list of the Grand Montara in Lohas Park released two months ago. But it's still 20 percent lower than that of the latest batch at The Aurora in Tsuen Wan.

Wheelock and Co's (0020) vice chairman Stewart Leung Chi-kin said the developer did not set the price of Marini at a low level deliberately, but took into consideration buyers' affordability.

Asked whether the developer is accelerating the sale of the project amid worries about future market conditions, he said the company always launches projects shortly after obtaining presale consent.

There is still a lot of housing demand, even though recent social events have affected buying sentiment, and the firm remains confident about the property market in the short term, Leung said.

Wheelock revealed in its annual report that its net order book, such as presold but contracted sales not yet recognized, grew 30.71 percent to HK$34.9 billion from year-end 2018, mainly driven by launches of Montara and Grand Montara in Lohas Park.

MTRC will open a new mega shopping mall, The Lohas, at Lohas Park with about 150 merchants, a skating rink and cinema, by the second half of next year. David Tang Chi-fai, MTRC property director, said all businesses in the mall would be leased out in early 2020.

Meanwhile, a homebuyer forfeited a HK$761,000 deposit after cancelling the purchase of a 495-sq-ft flat at Park Yoho Milano in Yuen Long, developed by Sun Hung Kai Properties (0016). The buyer agreed to buy the unit in August last year for HK$7.62 million, or HK$15,390 per sq ft.

In the secondary market, an 868-sq-ft flat at Mei Foo Sun Chuen sold for HK$10.65 million, or HK$12,270 per sq ft.

A three-bedroom unit at Hong Kong Garden in Tsing Lung Tau changed hands for HK$7.98 million, or HK$8,427 per sq ft, after HK$1.02 million was slashed from the original asking price in May.

A 392-sq-ft flat at The Nova in Sai Ying Pun sold for HK$9.5 million, or HK$24,235 per sq ft. The selling price was 19 percent higher than what the vendor paid for the unit four years ago.

In other news, a new parking space at Ultima in Ho Man Tin sold for HK$5.88 million. The buyers are the wife and daughter of Thomas Chan Kui-yuen, the former executive director of SHKP.

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