Park Central second phase public sale prices up 3pc

PUBLISHED : Thursday, 14 March, 2002, 12:00am
UPDATED : Thursday, 14 March, 2002, 12:00am

A consortium led by Sun Hung Kai Properties (SHKP) is releasing Park Central phase two in Tseung Kwan O for public sale at HK$3,102 per square foot, about 3 per cent up from the average price of phase one.

An internal sale on Monday saw 450 units sold at about HK$3,200 per square foot, realising about HK$800 million.

Eric Chow Kwok-yin, general manager of Sun Hung Kai Real Estate Agency, said the phase two prices were reasonable. He was confident of the take up despite the abundant supply of new projects in Tseung Kwan O.

He said many developers would target the low-end market in light of the demand. The first batch of 16 units in Park Central phase two, ranging from 527 square feet to 908 sq ft, are priced between HK$1.61 million and HK$2.85 million. The public sale will be held on March 23.

Mr Chow expected a sell-out of the 1,896-unit project to generate about HK$5 billion.

Meanwhile, Henderson Land general manager of sales Donald Cheung Ping-keung said it had not decided whether its 105-unit Regence Royale luxury development in Mid-levels would be reserved for lease or sale.

Mr Cheung said the expected average rent of the project was about HK$50 per square foot. Sources said the company planned to keep for lease 52 flats, ranging from 2,500 sq ft to 2,800 sq ft, in tower two of the project.