Wheelock Properties

Wheelock eyes 12pc rise in property sales

PUBLISHED : Thursday, 22 February, 2007, 12:00am
UPDATED : Thursday, 22 February, 2007, 12:00am

Wheelock Properties expects to reap an increase of at least 12 per cent in property sales this year, thanks to rising home prices and improved buyer sentiment.

Executive director Ricky Wong Kwong-yiu said the company's target was sales of at least HK$2.8 billion from about 400 units.

This compared with HK$2.5 billion last year.

Wheelock Properties is 74 per cent owned by conglomerate Wheelock & Co.

Mr Wong said the company would dispose of the last 200 units at the mass housing development Bellagio in Sham Tseng in about two months. Average selling prices were seen rising by 5 per cent to HK$5,000 per square foot.

If all 200 units were sold, the company would pocket proceeds of HK$1 billion.

Other Wheelock projects to be sold include 50 units in the luxury residential project at Babington Path, expected to generate HK$500 million.

All these three-bedroom units are larger than 1,000 square feet. Selling prices so far have averaged nearly HK$10,000 per square foot, according to Mr Wong.

In view of the promising outlook for the luxury sector, the company plans to sell the last three detached houses at Gough Hill Residences on the Peak for about HK$500 million. The homes range in size from 5,600 to 5,800 square feet.

Mr Wong said the company intended to increase the sale prices of the homes to HK$32,000 per square foot from last year's HK$30,000 per square foot.

Mr Wong said luxury home prices would continue to rise due to limited supply, climbing by 15 to 20 per cent this year. Mass market prices would increase 10 per cent, he predicted.