17,570 flats await sales green light

Sales approval of as many as 17,570 flats in 33 projects were being processed by the end of last year after mega residential projects like Lohas Park Phase 11, which provides 1,880 flats, and Monaco Marine filed their applications in December, government data showed.

The Lands Department granted four pre-sale consents covering 2,188 flats last month, up 16.79 times from the 123 units granted consent in November.

It issued a total of 29 pre-sale consents for residential developments involving a three-year high of 14,659 homes in 2021, up by 13.7 percent from 2020.

Meanwhile, developers completed 1,295 flats in November last year, a seven-fold rise from October, according to the Rating and Valuation Department.

There were 12,624 flats completed in the first 11 months, accounting for nearly 70 percent of the government's full-year projection of 18,228 flats.

This came as local property agency Centaline Property Agency said its total revenue soared 22 percent year-on-year to an all-time high of HK$5.4 billion last year thanks to the economic recovery.

Income from the residential division also hit a record HK$4.68 billion in 2021, it said, adding that the sales target for this year is HK$6.3 billion, or a 17 percent increase over last year.

Separately, in the primary market, 65 flats ranging from 749 square feet to 1,420 sq ft at La Marina atop Wong Chuk Hang station were launched.

The cheapest home, a 425 sq ft two-bedroom unit, was priced at HK$14.24 million after discounts, or at HK$33,500 per sq ft.

Also, Vanke Property Hong Kong said it had cashed in HK$420 million after selling 60 flats of VAU Residence in Ho Man Tin.

On the luxury front, Mount Nicholson on the peak saw its first transaction this year - a 4,230 sq ft four-bedroom flat with two parking spaces sold for HK$583.19 million, or HK$137,870 per sq ft via tender.

In addition, only 16 compulsory sale applications of aged buildings were submitted in 2021, down by 54 from a year ago, according to the real estate consultancy JLL.

In other news, local developer Hip Shing Hong's founder Henry Fong Yun-wah passed away peacefully yesterday, surrounded by his family, at the age of 98.