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Kenneth Ko

The strength of the luxury residential market in Tung Shan Terrace, Stubbs Road, is being tested with the sale of Sun Hung Kai Properties' (SHKP) new project at premium prices.

  The No 18 Tung Shan Terrace low-rise project, jointly developed by SHKP and Sun Hing Group, is a four-storey block with a total of 14 two-bedroom or three-bedroom units measuring 1,084 square feet to 1,859 sq ft.

  The price list was not disclosed, but the developers said the average price was about $12,000 to $13,000 per sq ft for all units, which are ready for occupation.

  The first four units, measuring 1,084 to 1,702 sq ft, are being offered for sale through estate agents by way of tender that will close for submission tomorrow.

  Three of the units are being sold with car parking spaces, which are available at $820,000 to $960,000 each.

  Analysts said that, by using tendering, SHKP could test buying strength for the project, and if the offering prices were not attractive enough, the developer had the right to withdraw the properties.

  A SHKP spokesman said that as the project comprised only 14 units, it had opted to sell them through estate agents to make the most efficient use of administrative and human resources.

  Jones Lang Wootton, First Pacific Davies and Midland Realty are appointed agents to market the units.

  Some estate agents said they had reservations whether the project could sell at $12,000 per sq ft, which they said was too high for genuine buyers.

  They said transacted prices of flats in the area, such as those in Greencliff at Tung Shan Terrace, were about $7,000 to $8,000 per sq ft. Some landlords' asking prices were about $9,000 per sq ft.

  The biggest concern was the difficult traffic flow, as properties at Tung Shan Terrace are linked with only a narrow avenue to Stubbs Road, agents said.

  'The avenue is so narrow that only one-way traffic is possible at any one time,' one said.

  'At the opening of show flats for viewing last weekend, there was a long line of private cars queuing along the avenue. That demonstrates the traffic problem.'   Agents said the sale of No 18 Tung Shan Terrace would be a test of buyers' response, adding that some buyers might buy on the strength of SHKP's reputation.

  The SHKP spokesman said Tung Shan Terrace had long been a preferred residential site for prestigious local families but the supply of new flats had been extremely limited in the area.

  SHKP said No 18 Tung Shan Terrace boasted open views of Happy Valley racecourse and Victoria Harbour, and was close to Central and Causeway Bay shopping districts.

   The project is built on a 10,200 sq ft site, with a total floor area of 21,000 sq ft.

  One of the two ground-floor units has a private terrace of 425 sq ft, the other one of 735 sq ft. Units on the top floor have a roof area of 528 sq ft to 595 sq ft each. Some units in the building have balconies.

  The project provides 11 car parking spaces, with the selling price starting at $820,000 each.

   SHKP said it added to the value of the project because there was a lack of car-parking spaces in Tung Shan Terrace.

  A similar residential project at No 22 Tung Shan Terrace, newly built and owned solely by SHKP, is also expected to go on sale soon.

  This project comprises 16 units of 852 sq ft to 1,155 sq ft on a 10,300 sq ft site. It has four parking spaces.

FACT FILE Development: No 18 Tung Shan Terrace, Stubbs Road Developers: Sun Hung Kai Properties and Sun Hing Group Number of flats on sale: 14 Size of flats: 1,084 to 1,859 sq ft Asking price: about $12,000 to $13,000 per sq ft Sales agents: Jones Lang Wootton, First Pacific Davies and Midland Realty Facilities: 11 car parking spaces 



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