Hong Kong developer Great Eagle prices Ho Man Tin project at 8-year low as buyers return after government incentives
- At HK$19,988 (US$2,556) per square foot, Onmantin will be the cheapest for new launches in the area since Kerry Properties launched its Mantin Heights in 2016
- Buyers have been snapping up more flats valued at HK$10 million and above, says Louis Chan of Centaline Property Agency
The developer has priced the first 115 units of its new residential project called Onmantin in the district at an average price of HK$19,988 (US$2,556) per square foot after discounts, it said in a media briefing on Wednesday.
That is the lowest in the same neighbourhood since Kerry Properties launched its Mantin Heights development at HK$19,000 in 2016, some property agents said. The price is also about 25 per cent below the In One Above project launched by Chinachem Group in May last year.
The Great Eagle project sits above the Ho Man Tin train station in Kowloon, offering a total of 900 flats in five 24-storey towers. It will be completed in two phases of 418 and 572 units, respectively. The developer said it is confident about selling the first batch, given that the project offers the last new units in that spot.
In the first batch, Great Eagle will offer 44 one-bedroom flats, 42 two-bedroom flats and 29 three-bedroom flats for sale at a date to be decided later. The price ranges from HK$6.89 million for a 388-sq ft unit, to HK$18.5 million for the largest, after discounts.
“The pricing is extremely competitive,” said Louis Chan Wing-kit, CEO of the residential division at Centaline Property Agency, who expects all 115 units to be taken up. “It shows that the developer is taking advantage of the positive market sentiment.”
Hong Kong’s property market has seen some lively business, as buyers logged more than 1,000 first-hand deals so far this month, according Chan. Transactions involving flats valued at HK$10 million or above made up nearly 70 per cent of the volume, suggesting mid-priced and luxury properties are luring buyers again.
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Sales of new and secondary homes surged 67 per cent to 3,971 units in March from February, hitting the highest level since May last year, according to the Land Registry. They amounted to HK$30.06 billion in value, the highest level since June last year.
Elsewhere, Wheelock Properties will put 168 units at its Park Seasons project in Tseung Kwan O on sale on Saturday. The price list comprises 40 one-bedroom flats and 128 two-bedroom flats, pegged at HK$14,632 per sq ft on average after discounts.
Park Seasons is the second phase of the Lohas Park Phase 12 development which offers a total of 1,985 units upon full completion. It was preceded by the Season Place in March, when all 368 units sold, generating HK$2.36 billion in sales to the developer. It was priced at HK$14,604 per sq ft on average, a five-year low.
Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau, expects end users to account for 70 per cent of the buyers. Investors will make up the rest, and they could earn 3.5 to 4 per cent in yield on rental income, he added.
