Home completions dive 54pc in April

Staff reporter

Private home completions in Hong Kong slumped by 54.8 percent to 624 in April from 1,381 units month ago, data from The Rating and Valuation Department showed.

And a presale application made by CK Asset (1113) for its project at Anderson Road in Kwun Tong was rejected by The Lands Department as it was considered premature.

For the first four months, a total of 5,599 private flats were completed in the city, accounting for 25.1 percent of the government's target of 22,267 units for the whole year.

The four-month figure, however, was still down by 21.5 percent when compared to the 7,136 units completed in the same period last year.

Among them, smaller flats continued to see the largest number of completions. The number of flats with an area less than 40 square meters saw 2,948 completions in the first four months, taking up 52.7 percent of the total number of units completed, according to the official data.

This was followed by 2,039 flats completed during the same period with area between 40 and 69.9 sq m, accounting for 36.4 percent of the total.

In the primary market, phase 3B of Sun Hung Kai Properties' (0016) Novo Land in Tuen Mun is expected to release the first price list next week. The phase offers 769 flats in total, with areas ranging from 232 to 1,390 sq ft.

In Kennedy Town, The Highline will put more flats on the market as early as Saturday after revealing its first price list on Tuesday, which provides 50 units with the cheapest at HK$3.89 million.

The project is developed by Right Honour Investments under the Shanghai Commercial Bank.

In Hung Hom, Henderson Land Development's (0012) The Haddon is expected to launch sales next week after collecting 300 checks over the first batch of 92 flats.