New Affordable Housing Hits Ho Man Tin: Onmantin Offers Lowest Prices in Eight Years

Onmantin, a project co-developed by Great Eagle (0041) and MTR Corporation (0066) in Ho Man Tin, has launched its first batch of units at record low prices for the area. The development is offering 115 flats with an average price of HK$19,988 per square foot, marking the lowest price point in the district in the last eight years.

The units vary in size from 388 sq ft to 774 sq ft. The most affordable option is a one-bedroom flat, which is on the market for HK$6.89 million. According to Louis Chan Wing-kit, Asia-Pacific vice-chairman of the residential division at Centaline Property, this pricing strategy indicates a clear intent by the developers to reduce their inventory levels.

In contrast, the luxury residential project St George's Mansions, developed by Sino Land (0083) and CLP, recently sold a four-bedroom flat for a substantial HK$85.48 million.

Elsewhere in the real estate sector, Wheelock Properties announced that its property sales for the year have already exceeded HK$10 billion, reaching their annual target in less than four months. This includes the sale of 867 flats, bringing in HK$10.04 billion, with 568 of those units located at Seasons Place in Tseung Kwan O.

Despite the brisk sales, Hong Kong developers are proceeding with caution regarding land redevelopment projects. For instance, the compulsory sale of Haven Court in Causeway Bay, set at a reserve price of HK$2.43 billion, was canceled after failing to attract any bids. This marks the fourth unsuccessful compulsory sale in the city this year. Developer Soundwill (0878), which holds a majority stake in Haven Court, initiated this sale in 2019. Built in 1959, Haven Court is a composite building that spans approximately 13,150 sq ft and includes 44 shops and 125 flats across its 11 stories.