HK$10,000 per sq ft price likely for Lions Rise

PUBLISHED : Wednesday, 23 February, 2011, 12:00am
UPDATED : Wednesday, 23 February, 2011, 12:00am

Kerry Properties is set to launch the Lions Rise residential project as early as April with an asking price of at least HK$10,000 per sqft.

'We're waiting for the government's consent and we hope to launch it around Easter,' executive director Chu Ip-pui said.

'We haven't set the prices yet but we believe they will be over HK$10,000 per sqft,' he said.

Situated at Muk Lun Street in Wong Tai Sin, Lions Rise is a five-block residential project with 968 units. Chu said more than 90 per cent of the flats would be two and three-bedroom units of between 600 sqft and 1,400 sqft.

The rest of the units are four-bedroom flats of at least 1,400 sqft, and 20 range from 2,500 sqft to 3,000 sqft.

The asking prices for the larger units would be about HK$30,000 per sqft, he said. This means the units will vary in price from more than HK$6 million to HK$90 million.

The project is expected to be completed by the end of this year and the flats will be handed over to buyers from the third quarter of next year.

Ocean Li Ho-yeung, a team manager at Midland Realty's Kowloon East branch, said the asking price of HK$10,000 per sqft was reasonable because flats at Sun Hung Kai Properties' The Latitude at San Po Kong were selling for HK$7,000 to HK$12,000 per sqft on the secondary market.

'Lions Rise is an attractive project because it will be equipped with a 150,000 sqft shopping centre and it is only a few steps away from the MTR station. It may also appeal to mainlanders as it is only two stops away from Kowloon Tong,' Li said.

Kerry Properties said it planned to launch its 146-unit residential project at Queen's Road West, Sheung Wan, in the middle of this year. Chu said the two or three-bedroom flats ranged from 600 sqft to 1,300 sqft.

The developer also plans to sell 126 completed flats at a development in Shan Kwong Road, Happy Valley, in the final quarter of this year.

Asked if the financial secretary, John Tsang Chun-wah, should introduce measures related to land supply in his budget today, Chu said the government should come up with a timetable outlining when it was going to put land on the market.

'It will give developers time to prepare funds for land as it is getting more expensive. Second, it will also give the public a clearer picture [of what will be available],' Chu said.

Kerry Properties is part of the Kerry Group, controlling shareholder of the SCMP Group, which publishes the South China Morning Post.

Five blocks

The number of units available at Lions Rise, with prices set to range from over HK$6 million to HK$90 million, is: 968