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13/9 News Roundup: Tai Po residential site awarded at the low end of market valuation - in contrast to the two previous land sales that achieved higher-than-expected prices
Hong Kong Property | September 13, 2017
Spacious’ View:
Tai Po residential site awarded at the low end of market valuation – in contrast to the two previous land sales with a higher market expected prices.
Manhattan Group won Tai Po residential site for HK$323m
A residential site on Yat Yiu Avenue in Tai Po was awarded yesterday to Manifold Ltd, a company associated with Hong Kong-based Manhattan Group, for HK$323m, or HK$5,506/sqft – at the low end of market valuation of between HK$323m and HK$469m. In stark contrast to the two previous land sales both of which were sold at the higher end of the market expectations. Whitehead, Ma On Shan (4,620sqm – HK$1.38m – 21st July) and Cheung Sha, Lantau (2,480sqm – HKD 210m – 16th Aug)
Manhattan general manager Patrick Chow Kwok-choi said the firm plans to build low-density flats on the site, investing about HK$1b.
The site occupies an area of about 82,452 sqft, with a maximum gross floor area of 58,663 sqft.
In July last year, the group acquired a nearby site in Tai Po for HK$1.18b, or HK$4,551/sqft. The site has a maximum gross floor area of about 259,712 sqft.
Spacious is currently listing 5 properties for sale and 7 properties for rent in Tai Po. Click here to see more Tai Po listings and up-to-date transaction data.
Oasis Kai Tak received about 1,000 subscriptions
In the primary market, sources said Wheelock Properties has received about 1,000 subscriptions for the first 130 units from its Kai Tak new project – Oasis Kai Tak. The company would launch these 130 units for sale this Friday.
Meanwhile, HKR International and Nan Fung would upload the sales brochure and open show flats of La Cresta, their joint venture in Kau To Shan, soonest this week. The luxury project would provide 61 three- to five-bedroom units but the developers haven’t decided if the units would be sold through tender or public sale.
On the other hand, Cheung Kong Property has sold a 4-room unit from Ocean Supreme at HK$23.67 million or HK$20,804 per square foot – both breaking the highest record prices of the Tsuen Wan project.
Click here to see more new developments in Hong Kong on Spacious.
Tin Shui Wai flat exceeds HK$10k/sqft margin
A 3-bedroom featured unit with rooftop in Kingswood Villas was sold at HK$6.73 million or HK$10,803 per square foot, breaking both the total price and price-per-square-foot records in the estate.
It is also the first time that a 3-bedroom unit in this Tin Shui Wai blue-chip housing estate has a per-square-foot price exceeding the HK$10k margin. The new record price is 2.2% higher than the old one at HK$10,567 per square foot.
Click here to see more sale and rental listings in Kingswood Villas on Spacious.
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