Kai Tak project kicks off sales

Miami Quay I, a new project in Kai Tak jointly developed by Wheelock Properties, Henderson Land (0012), New World Development (0017) and Empire Group Holdings, sold 42 flats yesterday.

The project launched the first round of sales yesterday, with 137 units on the price list and one unit to be sold by tender.

Ahead of the sales, the project had received 2,048 checks by Sunday, making the batch 14 times oversubscribed.

One customer spent HK$25.86 million to buy two flats - a three-bedroom unit with an area of 716 square feet and a one-bedroom unit with 315 sq ft - through Midland Realty. The prices were HK$18.56 million for the three-bedroom unit and HK$7.3 million for the one-bedroom unit.

Another buyer purchased a three-bedroom flat for her family for more than HK$10 million.

Ricky Wong Kwong-yiu, an executive director of Wheelock Properties, said more flats may be put up for sale in the near future, depending on the sales progress of the first batch.

In the secondary market, transactions in 10 major housing estates rose over the long weekend with more sellers willing to cut their asking prices.

Over the weekend, Centaline Property saw the number of deals double week-on-week to a three-week high of 16, in addition to 19 deals over the Mid-Autumn Festival holiday.

Midland Realty, meanwhile, recorded 17 transactions, up by about 70 percent week-on-week, rising for two consecutive weeks and hitting a three-week high, in addition to 20 deals over the Mid-Autumn Festival holiday.

Agents said the secondary market performed better amid the gradual decline in property prices, improved sentiment and a dearth of new launches in the primary market.

On the other hand, rents for grade A offices dropped 4.1 percent for the first eight months this year during the persistent outbreaks of the pandemic in Hong Kong, said Midland Realty.

August rents inched up 0.8 percent monthly and the vacancy rate of grade A offices reached 9.9 percent, up by 0.1 percent from 9.8 percent in July.