Property business still ticking along

Business | Kevin Xu 5 Jun 2020

Three new applications for pre-sale consents for residential developments were processed last month involving 1,628 homes. That number was down 56 percent month-on-month, data from the Lands Department shows.

The three projects are under Minmetals Land (0230) at 18 Shung Shun Street in Yau Tong with 688 units, Henderson Land Development (0012) at 7 Muk Tai Street in Kai Tak with 479 units, and Wheelock Properties at 10 Muk Tai Street with 461 units.

Yet despite the coronavirus outbreak rocking the property market the number of residential units in new projects that applied for pre-sale consents in the first five months this year dropped only 3.7 percent year-on-year to 9,977 units, according to Midland Realty.

Additionally, three projects obtained pre-sale consents in May, providing 359 units: Sun Hung Kai Properties (0016) with Victoria Harbour phase 2B-3 with 228 units and Victoria Harbour phase 2B-2 with 123 along with Emperor International (0163) for eight luxury houses at Seaside Castle.

And the number of completed private residential units in April rose 77.4 percent month-on-month to 2,508 units, according to the Rating and Valuation Department.

Other property market activities include Sino Land (0083) naming its project at 8 Yiu Sha Road in Ma On Shan as Silversands.

In Tuen Mun, Wing Tai Properties (0369) sold a 1,288-square-foot special unit at Oma by the Sea for HK$25.5 million, or HK$19,860 per sq ft, to hit a new high for the estate.

A potential buyer forfeited a deposit of HK$426,600 after calling off the purchase of a 477-sq-ft flat at The Campton in Cheung Sha Wan. It was priced at HK$8.53 million, or HK$17,887 per sq ft. And in the secondary market, Centaline Property reported that a 388-sq-ft flat at Coastal Skyline in Tung Chung changed hands for HK$5.83 million, or HK$15,026 per sq ft, after about HK$370,000 was cut from the asking price by a vendor planning to emigrate.

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