LuxeHomes 2017 Annual Edition

Four luxury residential projects planned for Lai Ping Road in Kau To Shan in New Territories

Construction on La Cresta, Le Cap, La Vetta and St Moritz transforming quiet road that leads up to hilltop

PUBLISHED : Friday, 01 December, 2017, 9:46am
UPDATED : Friday, 01 December, 2017, 9:46am

Tseung Kwan O and Pak Shek Kok have been the major sites of new home supply across the vast New Territories East. Near Pak Shek Kok, the new Kau To Shan area, specifically along Lai Ping Road, has emerged as a luxury residential enclave with four projects in the pipeline.

In Lohas Park, Tseung Kwan O, Sun Hung Kai Properties’ Wings at Sea comprises two phases. The first will offer 1,040 units of one- to four-bedroom units. One- and two-bedroom units account for more than 60 per cent of the mix.

The second phase, Wings at Sea II, will offer 1,132 one- to three-bedroom units, from 321 sq ft to 934 sq ft. The development is earmarked for completion by the end of October 2019.

Within two weeks of the launch in October, more than 1,000 units in the first phase had sold, according to Sun Hung Kai Properties. Actual prices, after discounts had been factored in, ranged from about HK$12,800 to more than HK$15,000 per square foot. The developer has put another nine larger premium flats on sale.

Following the successful sale of the first phase, which has nearly sold out, Sun Hung Kai Properties immediately launched Wings at Sea II. The first release included 227 flats, including one-, two- and three-bedroom flats, at HK$15,000 to HK$20,220 per square foot.

Victor Lui, deputy managing director at Sun Hung Kai Properties, says an overwhelming market response to the first phase launch prompted the developer to conduct back-to-back sales. Further inventory could be released near the end of year.

Within the fast-developing Lohas Park neighbourhood, Wheelock Properties is expected to market its 1,600-unit project, slated for completion in 2020, once it has secured presale permission.

Nan Fung Development has also applied for presale consent on its joint-venture development with MTR Corp. When completed, scheduled in 2020, the Nan Fung project will inject another 2,392 homes into the Lohas Park housing market.

Along the quiet Lai Ping Road that winds up to a hilltop, HKR International is now marketing the La Cresta project co-developed with Nan Fung Development. The low density development, which is nearing completion, comprises 61 homes, including 13 houses, 47 flats and a garden duplex, all geared to families. The mix includes three-, four- and five-bedroom homes.

In October, five homes were sold by tender for about HK$288 million, or an average price of HK$28,969 per square foot, according to HKR International. The biggest deal was the HK$140 million sale of a five-bedroom, 2,840 sq ft penthouse duplex, which has a 1,094 sq ft rooftop terrace and 528 sq ft walkout terrace with swimming pool.

La Cresta commands extensive views of Sha Tin racecourse, Shing Mun River and Ma On Shan Country Park. The properties benefit from spectacular lateral living space and high ceilings, with an abundance of natural light, says Pandora Chan, assistant general manager of sales and marketing at HKR International.

Further up Lai Ping Road, two other upmarket projects by Wing Tai Properties and Manhattan Group – Le Cap and La Vetta, are near the top of the hill. Le Cap, which is expected to be completed in 2018, will comprise 69 homes, mainly configured as four-bedrooms, including 29 houses (1,700 sq ft to 3,300 sq ft) and 40 flats (1,600 sq ft to 2,300 sq ft) in low-density buildings.

Celebrated French interior designer Pierre-Yves Rochon was commissioned to “mastermind the entire design in a way that creates a complete lifestyle”, says Chung Chi-lam, executive director at Wing Tai Properties Development. “His work covers the exteriors, interiors, furnishing, and landscaping, basically from the inside out.”

Perched on a larger site next to Le Cap, La Vetta is designed by top-notch international consultant Yabu Pushelberg and will provide 158 homes, 68 houses (1,600 sq ft to 4,700 sq ft), and 90 low-rise flats (1,600 sq ft to 2,300 sq ft), Chung says.

Lui says the long-awaited St Moritz development, at 88 Lai Ping Road, comprising 35 flats and 24 villas, is likely to go on sale by the end of the year.

“It’s become the norm for developers to sell luxury homes, especially houses, by tender,” says Tony Yu, senior district director at Midland Realty. “Luxury property buyers prefer seeing and buying something properly built and decently appointed rather than off-plan.

“That could be the reason developers of some Kau To Shan projects postponed sales, because they wanted to have the whole thing built, fitted out and decorated before opening to prospective buyers,” says Yu.

In Pak Shek Kok, Tai Po’s newest waterfront community, K. Wah International says it has applied for approval to sell its 1,100-unit development off-plan, which it expects to take place early next year.

In mid-October, Hanison Construction and AG Asia announced that two units at their joint-venture flat complex in Fo Tan, Mount Vienna, fetched about HK$94 million.