Undeterred by a corruption probe into its two joint chairmen, Sun Hung Kai Properties still plans to push ahead with the release of an aggressively priced major residential housing project in Tuen Mun to gauge market demand.
The developer has indicated that it is aiming for HK$10,000 per square foot at its new 1,075-flat development, Century Gateway phase one, at Tuen Mun station. This is double the average price fetched recently in secondary market sales at major housing estates in the area.
The developer, which is still awaiting pre-sale consent for the project from the government, hopes to release the project after Easter.
Analysts said the sale would also serve to indicate any impact on the company from the arrests of the two tycoon brothers, Thomas Kwok Ping-kwong, and Raymond Kwok Ping-luen, and the former chief secretary Rafael Hui Si-yan by the Independent Commission Against Corruption (ICAC) on suspicion of bribery and misconduct in public office. All three were released on bail late last Thursday, and have not been charged with any offence.
Alfred Lau, an analyst at Bocom International, said he believed the arrest of the Kwok brothers last week would not put off potential buyers of units at Century Gateway, because buyers were focused on value for money.
'Home seekers believe it's highly unlikely that the probe means that Sun Hung Kai Properties' co-chairmen will disappear and leave the project half-built,' he said.