Checks flood in for The Arles near Fo Tan Station

Finance | Victor Zhong 12 Oct 2021

Centralcon has received as many as 20,000 checks for 402 flats at The Arles near Fo Tan MTR Station to be launched on Saturday, marking an oversubscription of nearly 49 times.

The developer said it will launch the first round of sales as early as Saturday, probably involving more than 500 units, suggesting that some extra flats will be on offer. It has revealed two price lists for 402 units with an average price of HK$19,678.

Meanwhile, Kowloon Development (0034) named its project at Shek Kok Road as Manor Hill, offering 1,556 units in total. The smallest flat covers 200 square feet, which is expected to be the smallest among new private units in Tseung Kwan O.

The one-room units measure about 280 sq ft to more than 300 sq ft. The studio flats and one-room units account for more than 90 percent of the total figure, while the two-room flats and a few special units with a maximum area of more than 800 sq ft are available.

The development company will upload the brochure and open the show flats as early as next week and may have a chance to kick off the sales within the month.

Wheelock Properties' Koko Reserve has attracted about 4,000 visits. About 40 percent of the visitors came from Hong Kong Island East and Kowloon East each, and the rest were from the New Territories.

The company's other residential project in Tseung Kwan O, Marini, has sold all 170 parking spaces in two rounds of sales, cashing in nearly HK$370 million.

Separately, the Hong Kong Real Property Federation proposed redeveloping industrial buildings into transitional homes, speeding up the revitalization scheme for industrial buildings and leveraging Modular Integrated Construction.

This is a construction where free-standing integrated modules are manufactured in a prefabrication factory and then transported to site for installation in a building, says the Buildings Department.

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