Pacifica sales lift hopes for property prices
The first 100 units at the Pacifica in Cheung Sha Wan sold out in two hours last night at prices 10 per cent higher than neighbouring developments, and prices could be raised further if demand held up, the project's backers said yesterday.
The first batch of units in the internal offer was sold for between $3,200 and $3,570 per square foot, Cheung Kong (Holdings) and Sun Hung Kai Properties said yesterday.
About 1,200 potential buyers had indicated interest in the 100 flats, which range between 585 and 845 square feet.
Cheung Kong executive director Justin Chiu Kwok-hung said the developers would consider raising prices when public sales began later. He also forecast prices rising 5 to 7 per cent towards the end of the year as buyers became more confident with the recovering economy and firming job prospects.
But while the developers hoped a recovering market would restore pricing power, analysts said they faced challenges due to the large supply of flats in west Kowloon.
Midland Realty (Holdings) chief analyst Buggle Lau said a strong response to the Pacifica project would lend support to the rest of the market.
More than 10,000 flats are due to be completed by the end of the year. Some have been pre-sold. Analysts said the large supply would continue to put pressure on prices in the district.
Meanwhile, Sun Hung Kai Properties plans to raise prices by 3 per cent for the remaining 500 units at Park Central in Tseung Kwan O from October 6.
