More Tuen Mun flats to hit market this weekend

Staff reporter

The Reserve, the second phase of Gold Coast Bay in Tuen Mun developed by Early Light International Estates, has launched a fourth price list of 88 flats with prices starting at HK$2.95 million or HK$9,412 per square foot after discounts.

The project will kick off its second round of sales on February 1, offering a total of 133 flats.

The new batch includes 43 one-bedroom, 35 two-bedroom, 6 three-bedroom and four special flats with rooftops.

They range from 271 to 655 square feet in size are priced between HK$9,412 and HK$12,935 per sq ft after discounts.

A total of 235 flats - more than 80 percent of homes offered in the first round of sales - have so far been sold for a total of HK$840 million, said Raymond Lee Ping-yu, managing director at Early Light International's property development department.

In Kai Tak, Sun Hung Kai Properties's (0016) Cullinan Harbour sold a 2,129-sq-ft four-bedroom flat for HK$109 million or HK$51,329 per sq ft. The flat, on the 10th floor of Tower 1, featured three en-suite bedrooms and a private elevator lobby.

Also in Kai Tak, The Knightsbridge sold two waterfront homes through tender, generating HK$107 million in a single day.

The two units, located in Tower 5 on the 26th floor both feature four-bedroom layouts and an area of 1,382 sq ft. Each was sold for HK$53.73 million, or HK$38,878 per sq ft.

The residential project at 22 Shing Fung Road offers 566 flats and is being jointly developed by Henderson Land (0012), China Overseas Land & Investment (0688), New World Development (0017), Wheelock Properties, Chinachem and Empire Group.

The US Federal Reserve is to announce its latest interest rate decision this week and analysts believe there is room for further rate cuts. Major banks in the city have reportedly increased cash rebates for new mortgages to attract customers, with some receiving up to 0.6 percent.