Hang Lung Properties

Hang Lung Properties, formerly Amoy Properties and part of the Hang Lung Group, is a headquartered in Hong Kong and a constituent stock in the blue chip Hang Seng Index. Hang Lung Properties Ltd was incorporated in 1949 and was taken over by Hang Lung Group in 1980. It became the property investment arm of Hang Lung Group Ltd after the group re-organisation in 1987. The company is led by Ronnie Chan.

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Hang Lung's aquamarine flats finally go on market

Hang Lung prices flats which have been sitting empty for five years, just days after CY Leung's threat to impose a tax on unsold properties

PUBLISHED : Thursday, 24 January, 2013, 12:00am
UPDATED : Thursday, 24 January, 2013, 4:58am

After leaving them empty for five years, Hang Lung Properties yesterday priced 10 flats at its AquaMarine development in Cheung Sha Wan about 15 per cent higher than current secondary transactions in nearby developments.

The sale comes on the heels of Chief Executive Leung Chun-ying's warning that the government would not rule out introducing a vacancy tax on unsold new homes to stop hoarding by developers.

Yesterday the 10 units, which range from 662 to 784 square feet based on gross floor area, were listed at HK$10,363 to HK$12,175 per square foot.

But the prices increased to HK$13,855 to HK$16,205 per square foot when calculated according to the saleable floor area of 504 to 589 sq ft each.

The most expensive flat, with a gross floor area of 784 sq ft, cost HK$9.54million. The cheapest flats, at 662 sq ft, sold for HK$6.86 million.

Alan Ching, a sales manager at Ricacorp Properties' West Kowloon branch, said the selling prices were about 15 per cent above the prevailing secondary transaction prices.

"It is reasonable as all these units are on high floors," he said.

The 10 AquaMarine units, expected to be launched for sale on Saturday, are on the 38th, 47th and 48th floors in block two.

Agents said transaction prices for high floor units in the same housing estate were HK$9,000 to HK$9,200 per square foot.

Since a previous sale in early 2008, Hang Lung still holds 20 unsold units at AquaMarine, which was completed in late 2003.

In early 2008, the AquaMarine units were launched from HK$5,000 to HK$8,000 per square foot.

Chairman Ronnie Chan Chi-chung rejected the suggestion that the sale was triggered by the call for a vacancy tax, saying "the firm had continued selling flats in the past several years."

But Hang Lung still holds 1,100 unsold units at The Long Beach in Tai Kok Tsui, which was completed in 2004, and 200 units at The Harbourside in West Kowloon, which was completed in mid-2003.

Chan said he supported all policies that would be good for Hong Kong.

Separately, Sun Hung Kai Properties (SHKP) has put up for sale 46 units at The Wings II in Tseung Kwan O at an average of HK$10,038 per square foot based on gross floor area and HK$12,844 per square foot for saleable area. As of 10pm last night, SHKP had sold more than 30 of those units.

SHKP also released the price list of a new batch of 24 units at The Wings II at an average of HK$10,028 per square foot in gross floor area. Units with an area in the range of 896 to 1,095 sq ft have a lump sum price of HK$8.44 million to HK$13.14 million each.

With improving market sentiment, property agents expect sales momentum to strengthen.

Midland Realty expects total transactions in the primary and secondary market could reach 5,000 this month, representing a month-on-month growth of 47 per cent from December.

As of January 22, Midland said there were 3,500 deals done, exceeding last month's 3,400.

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