The secondary home market in Hong Kong is more suggestive of the effects of the government’s tightening measures than the results of the Hung Hom land auction, according to Thomas Kwok Ping-kwong, Vice Chairman and Managing Director of Sun Hung Kai Properties (SHKP).
“There are different subjective views on whether the home market frenzy has cooled and whether the austerity measures are effective (after the Hung Hom auction),” he noted.
Even with the 10 percent limit on inflated areas of buildings, such as common and green spaces, the 20,470 sq ft Ko Shan Road site reaped HK$1.525 billion during the first auction this year at the upper end of market projections.
This year, Sun Hung Kai has sold more than 700 flats at two new housing projects — One Regent Place in Yuen Long and Avignon in Tuen Mun. The sales at Imperial Cullinan atop Olympic MTR Station will start later in May, with flats sized at 1,000 sq ft and above, at a starting price of HK$35 million.
Meanwhile, Mr. Kwok revealed that SHKP is also interested in Kowloon hotel sites on the application list, as it is optimistic about the outlook of the local hospitality industry.
Sun Hung Kai Properties now has five hotels in the city, two of which are under construction in Tseung Kwan O and set for completion by May.
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