Koko Hills sales to go ahead amid new wave

Business | Winnie Lee 10 Jul 2020

Wheelock Properties has received 1,200 subscriptions for the first batch of Koko Hills in Kwun Tong, which was 6.5 times oversubscribed.

The subscriptions will end today and the developer will open sales of 160 units tomorrow. In view of the latest outbreak of Covid-19 cases, smart equipment will be used to reduce risks.

Meanwhile, Empire Group and Hong Kong Ferry (0050) will release the price list of Seacoast Royale in Tuen Mun next week, with Henderson Land Development (0012) responsible for the sales, which will be launched this month at the earliest. Phase one of the project will provide 611 flats, ranging from 185 to 1,267 square feet.

In the secondary market, a 1,806-sq-ft apartment at luxury project Sky Scraper in the North Point Mid Levels was sold for HK$43 million, or HK$23,810 per sq ft, HK$2 million lower than the asking price.

The one-month Hong Kong Interbank Offered Rate ended its four-day drop and rose to 0.41554 percent. mReferral Mortgage Brokerage Services suggested owners and homebuyers reserve more time for applying for mortgage loans amid the third wave outbreak as banks may resume work from home arrangements.

The impact of the virus is taking a toll on the commercial market as well, with volumes declining by 70 percent year-on-year in the second quarter and 82 percent of deals closing at HK$30 million or below, Savills Hong Kong said.

Kerry Properties (0683) warned that its first-half net profit may fall between 70 percent and 75 percent from a year ago due to falling sales from development properties, income decline from the hotel assets, as well as the absence of revaluation gains.

It saw a net gain of HK$452 million in the first half of 2019.

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