Property developers in Hong Kong are preparing to release more new flats in the market, with Sun Hung Kai Properties planning to market all 117 units at i.UniQ today.
Flats at the Shau Kei Wan project are sized from 398 sq ft to 622 sq, ft with an average price of HK$13,508 psf — higher than prices of similar flats at nearby private estates.
Flats at 18 Upper East in Sai Wan Ho, which were recently released on the market, have an average price of HK$12,385 psf, while those at Tai Koo Shing are reaping HK$10,600 psf.
The i.UniQ sale comes as two more sites to be auctioned on 9 June are expected to yield up to HK$13.2 billion.
In addition, Kerry Properties sold about 10 flats at Lions Rise in Wong Tai Sin during the weekend, with a mainland purchaser paying HK$28 million for four units. Out of the 968 flats, over 300 units have been sold so far.
Nine flats were also sold by Chinachem at its Residence 228 in Sham Shui Po, where one- to three-bedroom flats are priced from HK$7,553 psf to HK$9,847 psf.
Meanwhile, the 112,800 sq ft plot at Borrett Road set for auction next month is expected to fetch HK$8.7 billion to HK$13 billion. This represents an accommodative value of between HK$20,000 psf and HK$30,000 psf.
Charles Chan, Managing Director of Savills Valuation and Professional Services, raised his estimation on the plot by 20 percent to HK$30,000 psf, due to “market sentiment boosted by the last land auction.”
The plot’s gross floor area (GFA) is capped at 435,304 sq ft, while the building’s height is limited to 230 metres. There is also a 10 percent limit on the “inflated building area” of the site, which includes the green areas and gym.
Despite the limitations, Emperor International and Swire Pacific have expressed interest in the plot.
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