One Victoria set to roll out 100 more flats

China Overseas Land and Investment (0688) expects to release about 100 flats in the second price list of One Victoria in Kai Tak soon.

The developer has received around 2,600 registrations of intent from potential buyers for 212 flats in the first list, making them more than 11 times oversubscribed.

The 212 flats, measuring between 329 square feet and 643 sq ft, are offered at an average price of HK$22,977 per sq ft, after a maximum 13.5 percent discount is applied. The cheapest flat, measuring 330 sq ft, is offered at HK$6.56 million, or HK$19,888 per sq ft after discounts.

One Victoria, which is expected to be the first residential project to go on sale on the former Kai Tak airport runway, provides 1,059 flats. The project sits in Kai Tak Area 4B Site 2, which has a site area of 97,392 sq ft and a maximum gross floor area of 594,082 sq ft.

China Overseas won the tender for the residential plot for HK$8.03 billion, or HK$13,523 per buildable sq ft in December 2018.

Two years later in December 2020, the state-run mainland developer also won the tender for another residential plot, Kai Tak Area 4E Site 1, for HK$4.27 billion.

Meanwhile, New World Development (0017) has collected about HK$1 billion after selling 81 out of 95 flats on offer at the first and second phases of The Pavilia Farm atop Tai Wai Station over the weekend. A 264-sq-ft flat at the second phase fetched HK$8.74 million, or HK$33,117 per sq ft.

The third phase of the project received about 30,500 registrations of intent from potential buyers in the third round of sale, the highest number of registrations since 1997.

In the secondary market, Centaline Property Agency reported 15 secondary deals at 10 blue-chip housing estates over the past weekend, down by 1 transaction from a week before.

A 729-sq-ft flat at Mei Foo Sun Chuen in Lai Chi Kok changed hands for HK$9.71 million, or HK$13,320 per sq ft. The seller will gain HK$10,000 after holding the property for three years.

In the rentals market, a 529-sq-ft flat at South Horizons in Ap Lei Chau was rented for HK$19,800 per month, or HK$37.4 per sq ft.