Race is on for Grand Victoria apartments

Staff reporter

About 1,600 checks were received for 269 units in the first two price lists of the Grand Victoria phase one in West Kowloon yesterday, an oversubscription of about five times.

The property in Cheung Sha Wan is being developed by Wheelock Properties, Sino Land (0083), K Wah International (0173), Shimao (0813) and SEA Holdings (0251).

The developers released 53 units in the third price list of the project at an average price of HK$26,073 per sq ft after discounts, 5.8 percent higher than the first price list. The developers will launch sales on Saturday.

In Tai Kok Tsui, Henderson Land Development (0012) released 50 units in the sixth price list at Aquila Square Mile. Homes are priced at between HK$6.01 million and HK$9.86 million after discounts. The developer will offer 12 units for sale on Saturday.

In the rental market, Alibaba's executive vice chairman, Joseph Tsai Chung-hsin, rented two 3,819-sq-ft houses at 70 Deep Water Bay Road for a total rent of HK$64.62 million for six years. For each house, Tsai will pay HK$440,000 per month in the first three years and HK$457,600 each month in the remaining three years.

In the secondary market, Chinachem Group chief executive Donald Choi Wun-hing sold a 461-sq-ft unit at The Avenue in Wan Chai for HK$11.3 million or HK$24,512 per sq ft. Choi will earn a capital gain of HK$2.33 million after holding the property for seven years.

Meanwhile, stamp duties collected from property transactions dived by 11.5 percent month on month to about HK$475 million last month, the lowest since July 2014, data from the Inland Revenue Department showed.

The amount of buyer's stamp duties collected plunged by 46.43 percent month on month to HK$76.6 million, and the amount of double stamp duties applied to residential property transactions rose by 11.48 percent month on month to HK$379.6 million last month.

In the secondary market, a 509-sq-ft flat at Mei Foo Sun Chuen changed hands for HK$7.5 million, or HK$14,750 per sq ft. The vendor, who bought the unit for HK$853,000 in 1989, will gain HK$6.65 million.

In Sha Tin, a 284-sq-ft flat at City One Shatin was sold for HK$5 million, or HK$17,606 per sq ft, earning the seller, who bought it for HK$1.17 million in 2007, HK$3.83 million.

A 517-sq-ft flat at Laguna City in Kwun Tong fetched HK$7.48 million, or HK$14,468 per sq ft, earning the vendor HK$4.8 million after 12 years.