Experts expect a short-term slowing of second-hand flat market in Tai Kok Tsui The recent high-profile launch of upmarket residential project Harbour Green could have a short-term dampening effect on the second-hand luxury residential market in Tai Kok Tsui, in western Kowloon. Market watchers said buyers and sellers would likely take a 'wait-and-see' approach over the next couple of months to consider responses and pricing associated with the new Sun Hung Kai Properties (SHKP) project. Centaline Property Agency director (sales) Sandia Lau said apartment transactions at Olympic City projects had shown signs of slowing down since the launch of One Silver Sea, a Sino Land project in a neighbouring area. 'The launch of Harbour Green will certainly further slow down the second-hand flat market in the area,' she said. 'The pricing of Harbour Green units is not uncompetitive, when compared with pricing of second-hand units in nearby luxury projects. You can expect more buyers for new flats if prices are more or less the same.' According to Centaline research, second-hand flats in neighbouring residential complexes, including Park Avenue, Central Park and Island Harbourview, are selling for between $5,300 to $6,000 per square foot, compared with $5,500 to $7,000 per sq ft at Harbour Green, Ms Lau said. Harbour Green is on Sham Mong Road, in Tai Kok Tsui, and a 10-minute walk from the Olympic MTR station. The development has five towers, rising to 48 and 56 storeys. The project offers 1,514 units, most ranging from 600 sq ft to about 2,150 sq ft. Harbour Green units range from two bedrooms to four bedrooms with two en suite bathrooms and full harbour-view penthouses and simplexes. The residents' clubhouse has extensive facilities, including banquet rooms, a multimedia centre, a spa area and indoor and outdoor swimming pools. The latest units being offered for sale come in a batch of 16 flats on the 20th and 22nd floors of one of the blocks. The sizes are between 617 sq ft and 702 sq ft, and prices range from $3.7 million to $4.9 million. About 150 units have been reserved by potential buyers after display flats were opened to the public last weekend, according to property agencies. Once upon a time, Tai Kok Tsui was considered a indusrial neighbourhood. SHKP has been seeking to erase the factory image by promoting 'CEO [chief executive officer] living' at the harbourside project. Transactions in second-hand flats will slow down in the short term, said Chow Choi-har, manager of Ricacorp Properties' western Kowloon branch. 'The real battle will be between One Silver Sea and Harbour Green,' she said. Ms Chow said buyers were more optimistic about the market outlook. 'Basically, most clients are end-users,' she said. The luxury residential sector has begun to recover following the market turnaround, with prices rising by about 2 per cent in the past month, according to Ricacorp Properties. Luxury home sales were expected to remain strong, boosting prices further in the next 12 months. Other luxury projects in West Kowloon, including Harbour Green, The Arch, The Harbour-side and One Silver Sea, are expected to attract investors because of their high upside potential and rental yield, according to the property agency. Midland Realty senior Kowloon regional manager Dick Wong said many buyers were impressed by Harbour Green's luxurious club services. She expected prices to go up when the next batch of units goes on sale.