Developers release more units
Developers are releasing more residential units in the New Territories on to the market as they adopt a positive view on demand in newly developed areas.
Emperor Investment will release another four units at JC Castle in Tai Po today following a strong response to an internal sale.
Elwyn Chan, general manager of the Emperor Group unit, yesterday said 33 apartments, about 40 per cent of the luxury residential project, had been sold. The four units, measuring from 1,308 to 1,705 square feet, are expected to command an average $2,602 per square foot, about 8 per cent more than previous flats.
The 77-unit project is expected to earn $400 million when sold out.
Still in the New Territories, Cheung Kong (Holdings) will today offer a new batch of eight units at Vianni Cove in Tin Shui Wai at an average $2,169 per square foot.
Cheung Kong senior sales manager Joseph Lau Kai-man said about 825, or 80 per cent, of the 1,091 flats had been sold, generating $1.24 billion.
Midland Realty executive director Victor Cheung Kam-shing said the outlook for the luxury residential market in the New Territories was positive.
He said that while luxury residential property prices had fallen more in the past five years than that of lower-priced housing, the trend had turned around in the first five months of this year.
'The average price of lower-priced residential housing has fallen by 12.8 per cent, while the luxury residential price has dropped 9.1 per cent,' he said.
Meanwhile, Hutchison Whampoa deputy managing director Tony Tsui Kin-tung said he was gauging market response to decide when to launch the Rambler Crest project at Tsing Yi. About 50 units have been sold through internal sale at about $2,400 per square foot.
