Secondary woes as developers roll on

Staff reporter

Developers are continuing to roll out flats amid a spike in demand, sending 10 major estates in the the city's secondary market to a 48-week low hit in February with only two weekend deals.

In Tuen Mun, the second phase of Early Light International's Gold Coast Bay - The Reserve is oversubscribed by more than 11 times, receiving over 2,800 checks for 216 flats over the weekend. A new price list is to be unveiled on Tuesday.

Hip Shing Hong's Oria in Shau Kei Wan sold off 13 flats in its second round yesterday, bringing in HK$260 million from 54 deals struck in five days.

Wheelock Properties and MTR Corp (0066) are putting the first batch of 138 units at Grand Seasons, or phase 12C of Lohas Park, up for sale on Wednesday at prices starting from HK$4.51 million after discounts.

In the Southside, La Montagne, Kerry Properties (0683), Sino Land (0083), Swire Properties (1972) and the MTRC will put 87 flats up for sale a day after that at prices starting from HK$9.5 million for 65 units after discounts, with the 22 other units to be sold off by tender.

In North Point, State Pavilia, New World's (0017) redevelopment of State Theatre, sold three mansions for HK$136 million by tender on Saturday.