Kerry Properties has maintained its sales target for the year and plans to launch Bayview, a residential project in To Kwa Wan.
Chu Ip-pui, an executive director of Kerry Real Estate Agency, said yesterday an occupation permit for Bayview had been granted and a certificate of compliance was expected within a month. "Then we will be able to release the units for sale in a completed condition."
Bayview may then be in line to become the second new residential project launched for sale after the Residential Properties (First-hand Sales) Ordinance came into effect on April 29. The first project was Dunbar Place, developed by Swire Properties.
The 36-storey Bayview offers 175 flats. The saleable areas of the standard flats range between 508 and 890 square feet, while the penthouses are between 1,100 and 1,300 sq ft.
Chu said the prices had yet to be confirmed. "But we will take prices at Laguna Verde in Hung Hom, which range between HK$13,000 and HK$15,000 per square foot in terms of saleable area, as a reference."
Despite the fall in property sales since the government introduced cooling measures in February, Kerry retained its sales target of HK$6 billion for this year, said Chu. Most of the revenue would come from new projects as only 30 flats remained to be sold at Lion's Rise in Wong Tai Sin, which are expected to be released for sale in the second half.
"Only about 4,300 new flats and about 20,000 second-hand flats have been sold in the city so far this year. That is a significant decrease compared with a year ago and shows that it takes time for the market to get used to new measures in the property market," Chu said.
Only a few new residential projects are available for launch in the market since the ordinance on new home sales became effective.
"The new ordinance has higher requirements and developers have to provide more information. The sales procedures are also complicated. But the government aims to increase the transparency of property sales and I think it will take developers two to three months to get used to the new system," Chu said.
Kerry Properties is part of Kerry Group, the controlling shareholder of the SCMP Group, which publishes the South China Morning Post.