Sharp Decline in Hong Kong Private Home Completions; CK Asset's Presale Application Rejected

In April, private home completions in Hong Kong saw a significant decrease, dropping 54.8 percent to 624 units from 1,381 in the previous month, according to data from The Rating and Valuation Department.

Additionally, a setback occurred for CK Asset (1113), as The Lands Department rejected a presale application for its Anderson Road project in Kwun Tong, deeming it premature.

Despite this month's drop, the city achieved 5,599 private flat completions in the first four months of the year. This figure represents 25.1 percent of the government’s annual target of 22,267 units.

However, this four-month tally marks a 21.5 percent decrease compared to the 7,136 units completed in the same period last year. Smaller flats have dominated completions, with units under 40 square meters comprising 52.7 percent of the total, amounting to 2,948 completions. Flats between 40 and 69.9 square meters followed, with 2,039 completions representing 36.4 percent of the total.

In the primary market, Sun Hung Kai Properties' (0016) Novo Land in Tuen Mun is gearing up to release the first price list for phase 3B next week, featuring 769 flats ranging from 232 to 1,390 square feet.

Meanwhile, in Kennedy Town, The Highline, developed by Right Honour Investments and financed by Shanghai Commercial Bank, is set to offer more units this Saturday following Tuesday's release of its initial price list, which includes 50 units starting at HK$3.89 million.

In another development, Henderson Land Development's (0012) The Haddon in Hung Hom is preparing for an imminent launch, buoyed by strong interest evidenced by 300 checks collected for the first batch of 92 flats.

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