Pristine Villa units to cost more
SUN Hung Kai Properties has raised the prices of its next batch of flats to be released at Pristine Villa in Sha Tin by slightly more than three per cent, signalling renewed confidence in the primary sales market.
About 35 flats are being offered at an average of $5,900 a square foot in the latest sale at Pristine Villa on Saturday.
This is $200 more than the developer charged for flats in its sale of units in July and this month but still slightly cheaper than the going rate for residential properties in central Sha Tin.
The average for luxury homes in central Sha Tin is now $6,000 a square foot, according to property consultant Brooke Hillier Parker.
Sun Hung Kai's decision to push prices higher reflected strong interest in the area, said David Faulkner, senior partner at Brooke Hillier Parker.
'Sha Tin is very popular. The prices at Pristine Villa reflect its accessibility to Sha Tin,' he said.
Developers had to be careful when pricing their properties because the residential market was 'price-sensitive', he said.
Sun Hung Kai was forced to put a lower-than-expected price tag of $5,700 a square foot in July during the initial launch of flats at the estate, following a downturn in luxury residential sales.
Mr Faulkner said Pristine Villa's good transport services helped to bolster sale prices there.
A shuttle bus service was available from the estate to New Town Plaza in Sha Tin and there were bus stops a short walk away, said Sun Hung Kai spokesman Fanny Lo.
She said the city centre of Sha Tin and the Tai Wai KCR station were about 15 minutes' walk from Pristine Villa.
Ms Lo said the development's unique selling point was its rural setting. The estate boasted the territory's largest private country park, she said.
Located at Tao Fung Shan on the outskirts of Sha Tin, Pristine Villa is set in 480,000 sq ft of wooded parkland.
FACT FILE DEVELOPER: Sun Hung Kai Properties.
DEVELOPMENT: Pristine Villa, 14 apartment blocks located at Tao Fung Shan, Sha Tin. Blocks 1-7 are eight storeys high. Blocks 8-14 are 10 storeys high.
UNITS FOR SALE IN LATEST BATCH: 35 from Block 8.
SIZE OF UNITS: 978 to 1,567 square feet standard apartments.
AVERAGE COST: $5,900 per sq ft MARKETING DATE: October 1 SALES AGENT: Sun Hung Kai Properties.
TOTAL NUMBER OF UNITS: 494 standard apartments and four duplexes.
TOTAL GROSS FLOOR AREA: 568,000 sq ft TOTAL SITE AREA: 880,000 sq ft COMPLETION DATE: December ARCHITECT: KNW Achitects & Engineers.
CONTRACTOR: Manfield Building Contractors.
PROPERTY MANAGER: Hong Yip Services.
AMENITIES: Shuttle buses to and from New Town Plaza, Sha Tin. Parking for 747 cars.
FACILITIES: Clubhouse, gymnasium, swimming pool, children's paddling pool, children's playroom, snooker room, squash court, tennis court, karaoke room, landscaped garden, outdoor barbecue area and children's adventure park.
Mr Faulkner said Pristine Villa was 'a good family location' and was proving popular with buyers moving away from Hong Kong Island and Kowloon.