Ho Man Tin response low-key

PUBLISHED : Wednesday, 06 August, 2003, 12:00am
UPDATED : Wednesday, 06 August, 2003, 12:00am

The launch of luxury residential project Parc Palais in Ho Man Tin has generated a mild response, indicating potential home buyers remain cautious, according to property agents.

The development in King's Park Rise, built by a consortium comprising New World Development, Sino Land, Wharf (Holdings), Chinese Estates Holdings and Manhattan Holdings, has recorded sales of only 60 units since it was launched on Thursday.

Estate agents said the response was muted as home buyers were looking for more good news to encourage them to buy.

Marco Yip Chin-kwan, district manager at Hong Kong Property, said: 'Some potential home buyers had taken a wait-and-see attitude after the government revealed more stimulus measures in October to stabilise the slumping property market.'

Ho Man Tin is widely perceived as Kowloon's traditional luxury housing area, he said, adding that the development could serve as an indicator of high-ended residential market in Kowloon.

Parc Palais comprises of 700 units, including 24 connected units and 22 duplex, in eight, 25-story blocks. Standard units have a range of between 1,000 sq ft and 2,035 sq ft.

The development, due to be completed in May next year, has 740 car parking spaces. Efficiency rate is about 79.7 per cent and the estimated management fee will be HK$1.90 per sq ft.

Estate agents said the pricing of Parc Palais was competitive when compared with other luxury projects in the secondary market.

Average prices for units at lower-floors were about HK$4,000 per square foot up to over HK$6,000 per square foot for flats with sea view, according to agents.

Overall prices on units ranged from HK$4 million to about HK$13 million, they said.

Agents said units at lower floors of neighbouring property King's Park Villa, which was built six years ago, had sold at an average of HK$3,500 per sq ft in the secondary market.

Victor Cheung, executive director of Midland Realty, said prices for the Parc Palais were offered at market level, indicating developers' positive view towards the prospect of the market.

But agents said residents in flats facing Princess Margaret Road would be annoyed by the noisy traffic. They recommended potential home buyers to choose units with garden views.

Mr Yip said four-bedroom apartments with garden views were the most popular among potential buyers. But the project does face competition, according to agents, saying that other developers are rushing to launch unsold units at their luxury projects or introduce brand new developments on the market.

One major competitor is Cheung Kong (Holdings), which is launching the second phase of One Beacon Hill development in Kowloon Tong and the remaining units at Victoria Towers in Tsim Sha Tsui.

The secondary market in Ho Man Tin has already benefited from the launch of Parc Palais which has attracted more than 20,000 flat viewers visiting the show flats, he said.

'The number of flat viewers visiting the second hand market had increased by 10 per cent over the weekend,' he said.

'Some of these potential home buyers will also search around in the second hand market for comparison.'

Asking prices in the secondary market in Ho Man Tin have stabilised but are still lower than the primary market, said Mr Yip.

Parc Palais' club house facilities include outdoor and indoor swimming pool, jacuzzi pool, billiard room, multi-purpose ball court, fitness room, sauna and tennis court.