Article from (Reporter: Leung YuetKam) Under the continuous low interest environment, people is willing to buy flats and so developers are increasing supply. Cheung Kong Properties has released No.1 Western Kowloon located in Cheung Sha Wan, it is expected to get the permission within 10 days and will be available for sale in late October. The first batch of Tower 2 4-room A and D flats has a minimum price of HKD 18 million with an average price of HKD 13,800 per square feet. Flats in higher level will have a seaview and is expected to have a price of HKD 20,000 per square feet. About The Reach in Yuen Long developed by New World Development and Henderson Properties, the first batch of flats released includes 3-room flats more than 1,000 square feet and a minimum price of less than HKD 10 million.
Cheung Kong Properties investment director Wong SiChong points out that No.1 Western Kowloon has 2 towers and provides 286 flats. In the first batch there are 72 flats in tower 2 A and D flats and is expected to cash in HKD 1.5 billion. The property price is rising more than the ones in New Territories and is expected to rise more next year. They will hold other flats for sale till next year.
Minimum price for No.1 Western Kowloon is HKD 18 million
The executive director of Cheung Kong Properties Chiu KwokHong reveals that in the next Monday Cheung Kong properties will be competing for a land in Long Ping metro station, and for another land owned in Yuen Long Village, the planning has already been submitted and will be expected to sell next year. He reveals that Cheung Kong Properties is able to achieve the target of HKD 30 billion with No.1 Western Kowloon and Kennedy Park at Central.
Cheung Kong Properties is competing for the land in Long Ping metro station
On the other hand, Henderson Properties operation department general manager Lam DaMan reveals that since there are about 1000 consulting calls received about the 3-room flats, the first batch of flats will include flat A and K with an area of 1,014 square feet with maid rooms. The reference price is HKD 9,000 per square feet. The minimum price will be lower than HKD 10 million. There are accumulated 2,000 calls received and they will release the expected price. He points out that the clubhouse of The Reach has a total 3 floor level with 61,000 square feet and 40 facilities.
The executive director of Soundwill Holdings limited Chan WeiLing reveals that Park Haven in Causeway Bay has released 3 more flats with characteristics on the 2nd floor. The average price is HKD 26,368 per square feet. There were 27 flats sold in golden week and the average price is HKD 20,000 per square feet with cashing in HKD 400 million. The remaining flats are expected to raise 3-5%
On the other hand, the market reveals Nam Fung has sold a flat A with low-middle floor level with HKD 40 million in Winfield building located in Happy Valley. The construction area is 2,468 square feet with an average price of HKD 16,200 per square feet. New World Development has sold 2 B flats in tower 3 of The Riverpark with an average price of HKD more than 10,000, and release extra batch of 2 flats which are B flats in 6th and 7th floor in tower 2. The construction area is 1,224 square feet and the average price is HKD10,400 to 10,452 per square feet. The project has accumulatively sold 770 flats and cashed in HKD 7 billion.
