Wheelock Properties got the green light for its plan to build three 52-story residential buildings in Lohas Park.
The Lohas Park phase 12 project consists of a total floor area of approximately 962,400 square feet, the largest among the 17 building plans approved by the Buildings Department in May.
Other approvals include the Wang On Properties' commercial development with recreational facilities on 120-126 Main Street, Ap Lei Chau and the Housing Society's Jockey Club Road project in Fan Ling.
Meanwhile, developers want to speed up the development as the land premium for the quarter ending June was about HK$13.8 billion, a 10-quarter high.
As for the commercial property market, Henderson Land Development (0012) announced that its No 2 Murray Road project will be named The Henderson.
It won the tender at HK$23.28 billion in 2017, with a per sq ft price up to HK$50,064, a new world record at the time. The project will, the developer said, be developed into an internationally-renowned landmark and office with a total floor area of 465,000 sq ft.
For the residential market, Hip Shing Hong revealed the brochure of Madera Garden in Ho Man Tin, offering 71 units, while K&K Property released the first price list of its SkyeHi in Tuen Mun, involving 50 flats with an average price of HK$18,388 per sq ft after discount.
Meanwhile, Sun Hung Kai Properties' (0016) Kwok family purchased a luxury house in Repulse Bay for HK$159 million.
As for the new lands, Cushman & Wakefield expect Kwu Tung North to become the spotlight of the property market.
Although Hong Kong is seeing a flourishing primary market recently, some homeowners had to cut prices to sell their flats.
A 396-sq-ft two-bedroom unit in All Fit Garden, Mid-Levels, changed hands for HK$8.23 million after the price was slashed by 6.5 percent, while a two-room flat in Quarry Bay with 583 sq ft was sold at HK$10 million, a drop from HK$10.5 million.
A one-room unit in Causeway Bay's Park Haven was sold at HK$9.7 million, a depreciation of 5.2 percent.
The one-month Hong Kong interbank offered rate dropped four days in a row to 0.079 percent.