"Port Tower" approved 4 projects for pre-sale last month, the two phases of the municipal construction on Peili Street, Tokwawan are ready for sale

According to data from the Lands Department, a total of 4 private residential projects were approved for pre-sale in October this year, involving a total of 860 units, which is more than 15 times the 51 units in September, reaching a new high in nearly six months. Among them, the To Kwa Wan Pilgrim Street Project Phases 1 and 3, developed in collaboration with Henderson Land (00012.HK), IMPERIUM TEC GP, Hysan Development (00014.HK), and the Urban Renewal Authority, accounts for over 70%, providing a total of 648 units.

The data shows that Phase 1 and Phase 3 of the aforementioned Pilgrim Street project involve 360 units and 288 units, respectively, with both phases expected to be completed by August 31, 2027, approximately 22 months from now.

In addition, the project on Awa Street in Tai Kok Tsui, developed in collaboration with the Urban Renewal Authority by Kwan Hung Realty, and the North Yinghui project on Luen Yik Street by Kaiming Group, were also approved for pre-sale last month.

In the same month, the Lands Department received two new applications involving 451 units, a decrease of about half compared to the previous month. This includes the large-scale redevelopment project Phase 2 at 35 Ching Shui Wan Road in Ngau Chi Wan by Kowloon Development (00034.HK), involving 410 units; and the super luxury project No. 2 at Mount Davis Road held by Wharf Holdings (00004.HK), involving 41 units.

Additionally, data from the Lands Department shows that the application for pre-sale of the West Sa SIERRA SEA Phase 2 project under New World Development (00016.HK) was adjusted from the previously reported 522 units to the latest 775 units. New World’s Deputy Managing Director, Thunder, responded to the media, stating that the group did not modify the plans to increase the number of units, and the earlier discrepancy was merely a clerical error that has now been corrected.

As of the end of October, the number of pending pre-sale applications has decreased to 27, involving a total of 8,746 units, a slight decrease of about 1.8% month-on-month