Wing Tai bets on affordable luxury concept in Kwu Tung after Tuen Mun projects prove popular with millennials
- Wing Tai will expand its affordable luxury concept at its new project in Kwu Tung, New Territories, where it set a land price record
- The developer plans to build 700 units, mostly two-bedroom flats, targeted at young buyers
Wing Tai Properties will expand its affordable luxury concept for millennials at its upcoming project in Kwu Tung, New Territories, where it set a price record in terms of square footage for the land it acquired last month.
The company said that their designs match that of upscale luxury projects. Some of the features include a stone spa at The Carmel, a 40-metre long infinity pool at the Oma Oma and a 25-metre hanging garden pool at Oma By the Sea.
“This concept is well received by new families and first-time buyers between the ages of 25 and 35,” said Kenneth Ng Kar-wai, managing director of Wing Tai’s property division, which has developed 7.5 million sq ft of real estate in the city since 1991, including the luxury residential projects La Vetta and Le Cap in Kau To, Sha Tin.
The common characteristic of these three housing projects in Tuen Mun is that they are surrounded by greenery. Nearly 50 per cent of the flats in these projects are two-bedroom units priced between HK$6 million and HK$8 million.
The developer plans to build 700 units, mostly two-bedroom flats, targeted at young buyers on the Kwu Tung site.
Ng said that he would blend the development with nature, pointing out that landscape design is their strength. “With the natural surroundings, the result will be twice as good,” he added.
“The site adjacent to Fanling golf course already offers a great landscape,” Ng said, adding that the plot was about 10 minutes’ walking distance to Sheung Shui MTR station.
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The per square foot price for the site, which can yield a total gross floor area of 1.19 million sq ft, works out to HK$7,184. Surveyors expect completed flats to fetch as much as HK$20,000 per square foot.
Last week, Wheelock Properties won another parcel, Area 24, which can yield a gross floor area of 492,390 sq ft, for HK$4.19 billion, or HK$8,499 per sq ft. This was 18.3 per cent higher than the HK$7,184 per square foot SHKP paid for the adjacent plot, Area 25, in April.
On July 29, just before the Lands Department awarded Area 24 to Wheelock Properties, Ricacorp Properties said it had helped a client to buy a 1,576 sq ft house at Valais, the biggest luxury development in Kwu Tung, for HK$23 million, or HK$14,594 per square foot.
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“The deal was done with zero discount,” said Ricky Wong, a sales manager at Ricacorp’s Fanling branch.
The seller had paid HK$20.33 million for the house in December 2011.
“It is one of the few profit-making transactions concluded at Valais as many owners sold their houses at a loss in the past several years due to the area’s inaccessibility,” said Dicky Yip, senior district sales director at Midland Realty.
“In the past three months, seven transactions were done at Valais, compared to just two to three deals a year previously,” he added.
