New SHKP units in Tseung Kwan O are being sold at secondary market rates Fierce competition in Tseung Kwan O's primary market has prompted Hong Kong's largest developer to price some units in its new residential project at prevailing secondary market rates. Central Heights, the newest block in Sun Hung Kai Properties' Park Central development near the Tseung Kwan O MTR station, is also the first new project to be marketed since the government released a new application list for land sales on Friday. According to SHKP, about 100 of Central Heights' 392 units sold yesterday at an average $4,500 per square foot. Property agents said the cheapest units went for about $3,800 per square foot. That is in line with secondary transactions at the two-year-old Park Central development, a joint venture also involving MTR Corp, Henderson Land Development, Nan Fung Development and Chinachem. According to Centaline Property Agency, a 726 square feet, low-floor unit in Park Central's Block 7 sold at $2.7 million, or $3,719 per square foot. Most secondary transaction prices in Park Central have ranged from $3,300 to $3,600 per square foot. However, higher floor Central Heights units with balconies continue to command a premium over the secondary market, with Centaline Property Agency senior sales manager Ken Lee Yuk-lun citing the sale yesterday of a 48th floor unit for $5,700 per square foot. 'Similar units in [Sino Land's] Residence Oasis are re-selling at about $5,000 per square foot,' Mr Lee said. Central Heights' launch begins a new wave of fresh supply in Tseung Kwan O. New World Development plans to begin pre-sales of its new 1,472-unit project - the Grandiose - above Tseung Kwan O MTR station this month. This will be followed at mid-year by Cheung Kong's 3,700-unit residential project at Tiu Keng Leng MTR station. About 15 units were sold at Sino Land's Residence Oasis over the weekend, at prices between $4,300 to $6,800 per square foot. Only 30 unsold units remain in the 2,130-unit project at Hang Hau Station, according to the developer.