Sheung Shui flats snapped up amid Metropolis heat

Finance | Karen Ng 11 Oct 2021

Karen Ng

Tai Hung Fai Enterprise's Sheung Shui low-priced residential project Artique sold out in 90 minutes flat yesterday, amid speculation over the government's Northern Metropolis development plan.

The 30-home project is considered to have the smallest floor plan available in the Northern district, with prices as low as parking spaces in private housing estates.

It consists of 24 studios and six one-bedroom flats with areas from 138 square feet to 259 sq ft. The discounted selling price ranged from HK$2.43 million to HK$5.12 million, and the average discounted price was HK$18,454 per sq ft.

Artique is Tai Hung Fai's second residential development project after the 2014-completed Kadoorie Lookout in Ho Man Tin. The six-story development was built on the site after bidding HK$131 million in 2017, with an average price per square foot of about HK$14,000. It was 32 percent higher than the market valuation of HK$10,700 and set a new high in Northern district at that time.

However, the market valuation of all the 30 flats in Artique was about HK$100 million, which was half of the estimated total investment amounting to nearly 200 million, the developer said.

Tai Hung Fai Enterprise was founded by billionaire businessman Edwin Leong Siu-hung. It has an extensive portfolio of retail shops, hotels, service departments, office and industrial buildings. Leong is the son of Henry Guthrie Leong, a renowned Jardine Matheson comprador back in the 20th century.

In Tseung Kwan O's Lohas Park, LP10 sold 44 flats yesterday, accounting for 27.8 percent of the 158 units offered in the latest round of sales.

Co-developed by Nan Fung Group and MTR Corporation (0066), the project has sold 722 units in the five rounds of sales so far, which account for more than 80 percent of the 893 flats provided in the development, and cashed in a total of HK$8.3 billion, said the developers.

In Fo Tan, the Ales, developed by mainland China's Centralcon Properties, released the second price list, which offered 134 units, including 33 one-bedroom units, 48 two-bedroom units and 53 three-bedroom units.

The discounted prices were from HK$6.39 million to HK$23.5 million.

Meanwhile, sluggish demand from buyers in the secondary market continued. One deal was recorded among Centaline Properties' top 10 housing estates over the weekend.

The figure fell 75 percent from the last weekend where Mei Foo Sun Chuen in Lai Chi Kok was the only housing estate with a successful transaction.

Louis Chan Wing-kit, the Asia-Pacific vice-chairman of the residential division at Centaline, said the adverse weather brought by typhoon Lionrock deterred buyers from viewing flats during the weekend, despite the clearer market sentiment after the Policy Address.

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