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Yvonne Liu

Cheung Kong (Holdings) and MTR Corp have set the average price for the initial batch of units at the Capitol in Tseung Kwan O at HK$5,133 per square foot.
The price  will be offered to buyers of the 60 units in the fifth block of the project  in Lohas Park, a newly developed area near Tseung Kwan O Industrial Estate, that is being launched today.
The Capitol is the first phase of the Lohas Park development, the first new project to be launched in Hong Kong this year.
The first pre-sale units range between 684 sqft and 960 sqft each, and are priced from HK$3.44 million to HK$5.38 million, if buyers pay in instalments.
A 5 per cent discount will be granted to buyers who pay in cash.
Prices of the units range between HK$5,021 and HK$5,622 per square foot, about 7.72 per cent higher than the average price achieved in Metro Town in the same area, according to Centaline Property.
Metro Town is a  mass residential project developed by Cheung Kong and MTR Corp, which was completed last year. The average price at the housing estate was HK$4,765 per square foot.
Justin Chiu Kwok-hung,  an executive director of Cheung Kong, yesterday said that the company would pre-sell all of the Capitol's 2,096 units before the project is completed in the second quarter of next year.
The developer may pre-sell a further 200 units in the next few days if the first batch is well received by the market.
Unit sizes at the Capitol  range  from 683 sqft to 1,116 sqft.
The Lohas Park development -  on Wan Po Road, north of Tseung Kwan O industrial district -  will eventually comprise 50 towers of 46 to 59 floors each, offering 21,500 units with a gross residential floor area of 17.36 million sqft.
Shares of Cheung Kong rose 1.26 per cent to end at HK$119.90  yesterday.



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Cheung Kong

Cheung Kong and MTR set price  for first release at Capitol project