Update

Long Beach flats push West Kowloon prices up by 10pc

Units at Hang Lung's showpiece property The Long Beach at Olympic Station went on sale last month - a three-year wait after construction work was completed.

The eight block, 1,829-unit development has been offered for far more than secondary transaction prices, lifting West Kowloon home prices by around 10 per cent, according to agents. The units are being sold in stages, with the first stage of 28 going for HK$6,139 to HK$7,578 per sq ft. The units are 743 sq ft to 753 sq ft. Three- to five-bedroom apartments and duplexes are 1,100 sq ft to 2,000 sq ft.

Wilson Wong, assistant director of Hang Lung, says the company has held off on selling the units as West Kowloon has such a promising future, and prices are expected to rise in the long run. The remaining units are expected to come on sale next year and in 2009.

Property giant takes major steps in effort to go green

Sun Hung Kai Properties (SHKP) has committed itself to green policies by announcing a series of measures aimed at saving energy, reducing waste and spreading greenery as part of its goal of 'Building Homes with Heart'.

The measures include eco-friendly planning and construction, which will ensure that new projects make use of natural light and ventilation. Other measures include using wood from sustainable forests and adopting construction methods that have a minimal impact on the environment.

SHKP has sponsored research projects at Hong Kong universities to find ways of enhancing efficiency in buildings and maintaining natural resources. Environmental awareness is also promoted on its residential estates. There is also an environmental committee that meets regularly to oversee environmental management within the company.

Vice-chairman and managing director Thomas Kwok says, 'We should embrace sustainable development and preserve this beautiful environment for future generations.'