Banks value Cheung Kong Holdings' residential development at $3,800 per square

Banks have valued Cheung Kong (Holdings)' residential development in Ma On Shan at an average price of $3,800 per square foot.

The valuation of the Monte Vista phase two development is about 15 per cent higher than the phase one initial launch price of $3,288 per square foot in April.

Cheung Kong sales manager William Kwok Tze-wai said the company would take into account the banks' valuation and transaction prices when setting a launch price.

Centaline Property Agency Sunshine City manager Patrick Lee Man-yam expected phase two launch prices to be about $3,300 per square foot to $3,400 per square foot to lure buying interest.

In phase one, he said the highest prices achieved for standard units were $3,900 per square foot to $4,000 per square foot, while duplex units were sold for $5,300 per square foot.

Mr Lee said the secondary market in Ma On Shan was very quiet. SANDY LI