Developers line up 1,300 Hong Kong flats as sentiment improves, prices tick higher

Hong Kong developers are preparing to launch nearly 1,300 units in the coming days and weeks, with some edging up prices amid improving homebuying sentiment. On Sunday, 261 units at La Mirabelle I will be released, with average prices ranging from HK$15,335 (US$1,958) to HK$19,613 per square foot after discounts of up to 15 per cent, according to Sino Land, one of the project’s developers. The pricing marks a 1 per cent increase on the previous batch, which Sino said reflected the quality of the units. Sales momentum has been strong. All 254 units in the first round late last month were sold on launch day, while 152 of 168 units in the second round on Tuesday were snapped up. The second batch also carried a 1 per cent price increase compared with the initial list. Located on Lohas Park Road in Tseung Kwan O, the project is jointly developed by Sino Land, Kerry Properties, K. Wah International, China Merchants Land and MTR Corporation. La Mirabelle will be delivered in two phases, comprising 2,550 units across four towers. Elsewhere, New World Development and MTR Corporation have released 148 units at Pavilia Farm III above Tai Wai station in Sha Tin. Of these, 98 units will be offered via tender, while a first price list covering 50 units has been issued. Average prices for standard units were set at HK$21,344 per square foot after discounts of up to 20 per cent, according to New World. This is significantly higher than the discounted average of HK$15,481 per square foot for the first 50 units at Uni Residence in Tai Wai, launched in May by Wing Tai Properties and Vanke Holdings (Hong Kong). However, compared with the current average resale price of HK$22,797 per square foot at Pavilia Farm I and II – both launched in 2020 – the latest batch represented a roughly 10 per cent discount, according to Centaline Property Agency. The earlier phases were initially priced at HK$18,921 and HK$19,838 per square foot, respectively. Under a 120-day cash payment plan with maximum discounts applied, prices for Pavilia Farm III start from about HK$7.46 million, or HK$19,597 per square foot. No launch date has yet been set for the standard units, though tender sales will begin on Sunday. Centaline said it expected primary sales to remain robust, potentially matching the roughly 2,500 units sold in March. “The positive factors supporting the property market remain unchanged,” said Louis Chan Wing-kit, vice-chairman of Centaline Asia-Pacific and president of its residential division. Meanwhile, K. Wah International Holdings, Wheelock Properties and China Overseas Land Investment have released 225 units at KT Marina II in Kai Tak, with average discounted prices of HK$23,888 per square foot. Unit sizes range from 278 to 771 sq ft, with discounts of up to 25 per cent, bringing total prices to between HK$5.6 million and HK$29.3 million. A launch date has yet to be announced. Separately, Henderson Land Development, Hysan Development and Empire Group have unveiled sales brochures for Phase I (Block 2) and Phase III (Block 1) of One Victoria Cove in Hung Hom, offering 360 and 288 units, respectively. Pricing details are expected next week.