Oria rolls out third price list

Staff reporter

Oria in Shau Kei Wan, developed by Hip Shing Hong, unveiled the third price list, offering 35 flats starting from HK$3.73 million or HK$16,897 for a square foot after discounts.

The project sold nearly 90 percent of flats in the first round of sales on debut on Wednesday, cashing in HK$182 million.

Homes in the new list are studios and one-bedroom units with their sizes between 211 and 343 sq ft. The second round of sales with 55 units will kick off on Sunday.

Meanwhile, Grand Seasons, phase 12 C of Lohas Park in Tseung Kwan O, will launch its first round of sales next week.

The project, jointly developed by Wheelock Properties and MTR Corporation (0066), unveiled its first price list on Monday, offering 138 flats at an average price of HK$14,773 per sq ft.

Elsewhere in the primary market, Koko Rosso - phase 3A of Wheelock Properties' Koko Hills near Lam Tin MTR station - sold a 467-sq-ft two-bedroom unit for HK$9.44 million or HK$20,221 per sq ft.

Centaline founder Shih Wing-ching expects Hong Kong home prices to drop for a period of time in view of geopolitical tensions and uncertainties in rate cuts before eventually rebounding this year.

Shin expects property prices to drop by up to 2 percent this quarter, following the 6 percent decline last year.

However, home prices will not plunge but see a mild adjustment, he added, noting the price will finally rebound as long as the rate-cutting trend continues.

Local developers need to continue to address the inventory but the pressure has largely eased as the first-hand transactions rose by 50 percent year-on-year last year, he said.

Global commercial real estate owners and investors are hopeful that 2025 will emerge as a year of potential recovery over two years of muted revenues and pullbacks in spending, according to Deloitte's 2025 commercial real estate outlook.

The report surveyed more than 880 global chief executives and their direct reports at major real estate owner and investor organizations across 13 countries.

Deloitte China's restructuring, turnaround and cost transformation offering, national managing partner, Glen Ho said: "In Asia Pacific, roughly US$257 billion (HK$2 trillion) in outstanding senior debt set to mature, with the emergence of a US$8.4 billion funding gap from 2024 to 2026, representing the shortfall between the originally secured debt amount originated and the amount available for refinance at loan maturity.

"In recent years, Chinese real estate developers facing default risks have continuously pursued offshore debt restructuring, with most of these efforts now advancing and nearing their final stages."