( By Yan Lunle)
This year is a "harvest year" after Hong Kong government largely increasing supply for three years. According to latest announcement from Lands Department, in February, 4 more pre-sale projects applied for selling involving 943 units, which rose 4.6 times by month and being the peak in three months, also it shows the start of sharp rising supply in this year. Wheelock's 66B2 district in Tsueng Kwan including 591 units among is project in the largest scale. In same period, only one pre-sale project approved, which is Manhattan's Tsing Lung Tau project in Tuen Mun supplying only 75 units.
Liu Jiahui, the Lead Analyst of Midland, expressed government launching land in terms of limited sq ft and units in earlier year to increase supply provides a certain housing units for the future market. There into, No.66B2 district in Tsueng Kwan which just applied for selling is quantity limited land, while boundary land in Gillies Ave and Bulleley Street in Hung Hom is limited in sq ft. As more and more projects with quantity and sq ft limit applying for pre-selling, first hand properties that available in the market will increase.
Two projects among are benefited from prolonging pre-sale term.
At the same time, Hong Kong government last year announced prolonging the pre-sale term of private property project from 20 months to 30 months in order to speed up supply, and two among pre-sale projects applied in February are benefited from this policy. It is predicted No.66B2 district in Tsueng Kwan will be finished on 30th November 2016 at the soonest, which means the pre-sale term will up to 33 months. Another new project in 1 KO SHAN ROAD of Hung Hom developed by Nan Fung and Wing Tai supplying 173 units predicted to be finished on 31st August 2016, and its pre-sale term is up to 30 months.
Other two new pre-sale projects are Yau Lee Holdings' 18 Chi Kiang Street project in To Kwa Wan involving 84 units, which is rebuilding land from commercial project and estimated to be finished on 31st March next year, and Hong Kong Ferry's Gillies Ave project in Hung Hom, which will supply 95 units and predicted to be finished on 31st August next year. Since there were 4 more projects applied, while only 1 small project approved in same period, so pending pre-sale houses rose by 14.67% to 6,783 units in last month.
Manhattan's Tsing Lung Road project in Tuen Mun was approved.
What worthy to be noticed is, Manhattan who just approved to sell project although actively cooperated with other financial groups to buy Kau To land in Sha Tin in recent years, but has not maturely sold most of them, and actually this company hasn't sold house in Hong Kong for many years. 1 Tsing Lung Road in Tuen Mun which was just approved in last month estimated to be the first project of the group on property selling in the following few years. In addition, document from Lands Department disclosed Kerry's No1 and No3 Ede Road project in Kowloon Tong is named「1 & 3 Ede Road」.
