Pace picks up with Kai Tak, Lohas Park launches

The first homes at the new LP10 tower in Lohas Park will go on sale this week, while more homes have been offered at the Monaco development in Kai Tak.

Nan Fung Group expects to release the first price list of LP10 this week while Wheelock Properties has released 80 units in the second price list for Monaco at an average price of HK$23,710 per square foot after discounts, about 4.6 percent higher than the first price list.

The cheapest flat, measuring 354 sq ft, costs HK$8.19 million.

Wheelock Properties expects to receive about 1,500 checks for Monaco.

Nan Fung said the first batch of homes at LP10 will include at least 179 flats.

In the secondary market, a 489-sq-ft unit at Amoy Gardens in Kwun Tong sold for HK$8.02 million, or HK$16,417 per sq ft, hitting a 34-year high at the estate, according to Hong Kong Property Services (Agency). The seller, who purchased the unit for HK$6.22 million in 2015, will earn a capital gain of HK$1.8 million.

Another 322-sq-ft flat at Amoy Gardens changed hands for HK$5.65 million, or HK$17,547 per sq ft. Panic selling during the 2003 SARS epidemic saw a flat at Amoy Gardens - which was the epicenter of the outbreak - change hands for HK$550,000 at the time.

In the commercial property market, Savills forecasts that both Grade A office and prime street shop prices will decline more moderately by 5 percent to 10 percent over the first six months of the year before stabilizing from the third quarter onwards, with volumes likely to continue their upward trend in the first half of the year, assuming the Covid-19 pandemic eases in the first half of 2021 and borders are gradually reopened in the second half of the year.