September promises to be a big month of new flat launches
September promises to bring the release of more than 2,000 units, just as the city unveils a 10-point plan to cool the market
Four new residential projects together housing more than 2,100 flats will go on sale next month, despite the release yesterday of new government measures designed to make lower-priced homes more affordable and to cool the overheated property market.
And, in another sign that the new measures had little impact on market sentiment, developers Wing Tai Properties and Manhattan Realty teamed up yesterday to outbid nine rivals for a luxury residential project in Sha Tin's Kau To Shan, offering HK$3.038 billion, or HK$9,551 per square foot.
The price was in line with market expectations and the consortium plans to spend HK$5 billion building a low-density residential project on the site.
A second site up for tender in Peng Chau was sold to veteran property investor Lo Wah for HK$80.8 million, or HK$1,444 per sq ft, which was also in line with the market's expectations.
The government unveiled 10 measures that it said were aimed at helping low- and middle-income groups own their own flats and cool down the market.
But developers said the government's intervention would not affect their sales plans.
"We prepared the launch of Century Gateway in Tuen Mun a long time ago and we won't postpone it now," said Victor Lui Ting, deputy managing director at Sun Hung Kai Properties.
The project has 1,075 flats and Sun Hung Kai plans to launch the first batch - 30 four-bedroom, 1,200 sq ft units - at an initial asking price of 13,000 per sq ft.
Another project scheduled for launch next month is Double Cove in Ma On Shan, developed by Henderson Land and New World Development.
Phase one of the project comprises 928 flats, ranging in size from between 600 sq ft to 4,100 sq ft. Cheung Kong also plans to launch its 31-flat luxury residential project in Kowloon Tong next month.
Wang On's new project in Sai Wan, The Met. Sublime, will be the first launched in September, with the first 32 of 97 flats going on sale on Saturday.
"Our project isn't targeting first-time buyers and I don't think the cooling measures will affect our property sales. It won't affect our sales plan," Wang On assistant general manager Moni Yeung Kwai-ling said.
Patrick Chow Moon-kit, head of Ricacorp's research department, said next month's scheduled new releases would make September the second-busiest month of the year for new launches, after June.
He said he thought that demand would be strong because there had been a lack of new projects launched over the last two months.