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Salina Li

Hong Kong developer K. Wah International on Thursday said it priced units in a new residential development in Tin Hau 17 per cent higher than a new neighbouring project that was launched last year, as both transactions and home prices have lately shown signs of recovery.
K. Wah International said it priced 30 units in its Kabitat Tin Hau project, located at 33 King’s Road, at an average price of HK$24,311 (US$3,121) per square foot after a maximum discount.
The average price in the 74-flat development was higher than the first listing of 51 units in Wang On Properties’ 101 King’s Road project in North Point – or HK$20,800 per square foot on average. It was also the highest recorded initial price list for projects in the Eastern district over the past four years, according to property agents.
The first price list included 23 two-bedroom units and seven three-bedrooms, with areas ranging from 361 square feet to 477 sq ft. After deducting a maximum discount of 30 per cent, the prices were set between HK$7.95 million and HK$13.4 million, or HK$22,008 to HK$28,168 per sq ft.
“The project is located very close to the Tau Hau MTR station,” said Alex Leung, senior director at CHFT Advisory and Appraisal. “The location is unique with less competition. There is no need to offer ‘deepwater boom’ prices when there are more signals showing the market is bottoming out.”
New World Development also released the price list for 50 units at its 120-flat House Muse development in Kowloon City, which had an average pricing that was in line with the market.
The average price of these units, at HK$16,988 per sq ft after discounts, was about 2 per cent lower than the initial pricing of Henderson Land Development’s Eight Southpark project nearby.
The first 50 units at House Muse included 18 three-bedroom units, 14 two-bedrooms and 18 one-bedroom flats. After a maximum discount, the total price ranged from HK$3.8 million to HK$10.4 million, or HK$14,992 to HK$19,081 per sq ft.
Home sales in Hong Kong have been robust, with transactions remaining above the 5,000 level for the sixth consecutive month in August, giving greater strength to the idea that the city’s residential property market may have bottomed out.
A total of 5,291 homes were sold last month, according to data from the Land Registry. While the volume fell 8.2 per cent from July, it was nearly 45 per cent higher than a year earlier.
The residential market was on the brink of a turnaround, Morgan Stanley said in a report in June, predicting that home prices would rise 2 per cent in the second half of the year.
Hong Kong’s lived-in home prices, meanwhile, rose for a fourth consecutive month to a seven-month high in July. A closely watched official index of secondary home prices gained 0.42 per cent month from a month earlier to 287.9 in July, according to data from the Rating and Valuation Department on Wednesday. It was the index’s highest level since 289.2 in December.
Secondary home prices have increased 1.05 per cent since April, narrowing this year’s price decline to 0.45 per cent. CBRE said signs of residential prices bottoming out were becoming more evident.


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Kabitat Tin Hau project is located at 33 King’s Road and is near an MTR station, firm says


Kabitat Tin Hau project is located at 33 King’s Road and is near an MTR station, firm says.


Developer K. Wah International prices new Tin Hau units at a higher level than neighbour

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Kabitat Tin Hau project is located at 33 King’s Road and is near an MTR station, firm says

Kabitat Tin Hau project is located at 33 King’s Road and is near an MTR station, firm says