350 homes go on sale

Gordon Yang

Hong Kong new homes market are seeing five projects launch around 350 flats this week, including the first batch of homes at Yoho West Parkside in Tin Shui Wai which went on sale yesterday.

Developed by Sun Hung Kai Properties (0016) and MTR Corporation (0066), Yoho West Parkside launched 128 flats in its first round of sales, with 119 available via price lists at an average price of HK$11,103 per square foot after discounts. Around 59 flats had been sold as of 6pm yesterday.

The project had received over 6,800 subscriptions for the 119 flats, making them 57 times oversubscribed.

Nine flats - seven three-bedroom and two four-bedroom units - are being sold by tender.

Midland Realty chief executive for the residential division Sammy Po Siu-ming expects the first batch of flats to sell out quickly, benefiting from the reduction of stamp duty to HK$100 for properties valued at HK$4 million or below.

In Ap Lei Chau, Wang On Properties (1243) launched 25 flats at Coasto for sale yesterday, with prices ranging from HK$5.11 million to HK$8.90 million or HK$19,481 to HK$24,000 per sq ft after discounts.

In Yuen Long, Kerry Properties (0683) launches Hava's third round of sales today, offering a total of 123 flats including 120 units from the fifth price list, at average discounted prices of HK$12,923 per sq ft.

In Kowloon City, Henderson Land's (0012) Eight Southpark will launch its second round of sales this Saturday, offering 55 flats.

In other news, CK Asset's (1113) El Futuro in Sha Tin sold a four-bedroom mansion for HK$20.9 million to a mainlander, who reportedly bought it as a gift for his family ahead of White Day, a romantic follow-up holiday celebrated one month after Valentine's Day, on March 14.