Wing Tai Properties is planning to release more flats on the market this year, in a bid to surpass last year’s sales.
The firm has set a target of HK$1.4 billion from home sales at its Seymour and Forfar projects this year.
Forfar, a Kowloon Tong project, is estimated to contribute HK$400 million, with its special units earning HK$17,000 psf, while Seymour is expected to contribute approximately HK$1 billion from the sale of its 13 penthouses.
“There is still room for Hong Kong property prices to increase in the next 18 months, thanks to high demand and in spite of the possibility of another US interest rate hike by the end of this year,” said Dennis Au Hing-lun, Executive Director at Wing Tai Properties.
The firm’s net profit in 2010 increased five times to HK$1.91 billion (HK$1.45 per share) from 2009, primarily attributed to revaluations and pre-sales of flats at Belle Vue Residences and Forfar.
Last year’s underlying profits, the profits excluding the HK$1.4 billion gain from property revaluations, reached HK$450 million, against HK$10 million in 2009.