Lohas Park rentals fall to $11,800

A one-room unit at LP6 at Lohas Park is rented out for HK$11,800 only, while there are 400 units available for rent as more leasing flats supply dragged down the rent in new flats in-take period.

The 307-square-foot flat at LP6, developed by Nan Fung Group, was rented out for HK$38.40 per sq ft.

Sino Land (0083) is expected to launch 160 units in Silversands in Wu Kai Sha this month. The project is expected to get pre-sale consent this month. The developer is preparing for the sales brochure and show flats.

Wheelock Properties will launch three-room duplex units in Oasis Kai Tak to sell by tender on Monday after the former buyer canceled the deal. The developer forfeited a deposit of HK$36.6 million.

Meanwhile, property prices this year fell 0.3 percent only despite the Covid-19 pandemic. This compared to a drop of 12 percent during the 2008 financial tsunami.

Sammy Po Siu-ming, the chief executive of Midland Realty, expects property prices will be stable next year under a low-interest-rate environment, an insufficient supply of private flats, and sufficient capital.

In the secondary market, the mainland owner of a 1,340-sq-ft unit at Ultima in Ho Man Tin lost HK$3.8 million after it sold for HK$40 million or HK$29,851 per sq ft, and a car park space was also sold for HK$6.25 million at the same time. The owner had bought it for HK$35.78 million together with 30 percent tax, involving a sum of HK$13.87 million.

And Noble Park Hotel in Jordan was sold for HK$260 million or HK$10,937 per sq ft.

The property had been purchased for HK$430 million in 2013, meaning that the owner lost nearly HK$170 million after the deal.