Developers put 600 flats up for sale this weekend

Riding on improved market sentiment in property sales, four major developers are aggressively pushing project launches across Hong Kong this Saturday.

Four residential projects, comprising more than 600 units, will be put on sale after buyers snapped up more than 1,500 units, largely at Cheung Kong's 1,717-unit City Point in Tsuen Wan, this month. Cheung Kong will release 175 units at City Point for sale at the weekend.

After drawing more than 1,100 registered buyers, Wheelock said it would offer 209 units for sale at the joint venture Grand Austin project in Tsim Sha Tsui. On Monday, Wheelock released the listed price for the second batch of 70 units between HK$22,686 and HK$33,418 per square foot. The price tag is about 2.5 per cent to 5.4 per cent higher than the average price of HK$26,244 per square foot in last Friday's first batch of 139 units.

Buyers of the Grand Austin project can have a discount of as much as 19.5 per cent.

Wheelock said prices for the second batch were higher as the units command better views.

Sino Land yesterday released an additional 110 units at Mayfair By The Sea in Tai Po for as low as HK$10,811 per square foot of saleable area. After a discount of up to 19.35 per cent, the lowest price will be HK$8,730 per square foot. Taking into account the first batch of 110 units, the total available for sale will be raised to 220 on Saturday. Market watchers said more than 700 potential buyers have registered for it.

After leaving them empty for 10 years, Hang Lung Development will offer 38 units for sale at The Long Beach in Tai Kok Tsui. The developer released the price list for the project, which was completed in 2004, at HK$16,510 per square foot and upwards.