Presales approved for Tai Wai project

Business | Kevin Xu 29 Sep 2020

New World Development (0017) has obtained presale consent for the first phase of the residential project atop Tai Wai Station.

The project will offer 3,090 units across three phases, including 783 units in the first phase.

Meanwhile, Minmetals Land (0230) expects to obtain presale consent for Montego Bay in Yau Tong as early as next month. The project consists of four blocks and provides 688 units.

In Cheung Sha Wan, CK Asset (1113) has collected about HK$6.1 billion after selling 644 units at Seaside Sonata.

In Kai Tak, Poly Property (0119) sold a 1260-sq-ft unit at Vibe Centro for HK$45.6 million, or HK$36,190 per sq ft.

Separately, homebuyers walked away from the purchase of 25 units in September, local media reports. They included a buyer who forfeited about HK$820,000 on a 561-sq-ft flat at Montara in Lohas Park, which was offered at HK$8.2 million.

In the commercial property market, en-bloc commercial volumes staged a modest rebound in the third quarter with seven transactions registered totaling around HK$4 billion, said real estate services provider Savills.

It is still premature to predict a full-blown return of mainland money, but the increasingly difficult investment environment elsewhere may push some state-owned enterprises back to Hong Kong for portfolio diversification, Savills said.

In other news, the one-month Hong Kong Interbank Offered Rate, which is linked to the mortgage rate, fell to 0.47643 percent yesterday.

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