Wheelock poised to kick off Koko Hills sales

Business | Kevin Xu 30 Jun 2020

Wheelock Properties has obtained presale consent for Koko Hills in Cha Kwo Ling and expects to release the first price list and open show flats this week, said managing director Ricky Wong Kwong-yiu.

Phase 1 of Koko Hills will offer 413 units measuring between 345 sq ft and 2,024 sq ft.

Meanwhile, CK Asset (1113) released 143 flats in the fourth price list of Sea to Sky in Lohas Park at an average price of HK$17,295 per sq ft after discounts.

In the secondary market, a 588 sq ft flat at Telford Gardens in Kowloon Bay changed hands for HK$8.85 million, or HK$15,051 per sq ft, after HK$150,000 was cut from the initial asking price.

There will not be a big correction in the property market this year, said Ann Kung Yeung Yun-chi, deputy chief executive of BOC Hong Kong (2388) at the annual general meeting. "Regarding the property market, now everyone is cautious because of the market situation. Despite the current property market sentiment, the interest rate is still low and the supply will not increase significantly. So, we believe that in 2020, the residential property market will be mild," she said.

But the luxury property market could underperform the mass market in the second half due to political uncertainties, and developers will delay luxury project launches, said Patrick Wong, a real estate analyst with Bloomberg Intelligence.

Separately, the one-month Hong Kong Interbank Offered Rate, which is linked to the mortgage rate, fell to 0.44268 percent yesterday.

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