Kowloon Development put small home flats at Upper East, a mega residential project in Hung Hom,on the market on 5 September, the selling lobby was crowded.

Kowloon Development put small home flats at Upper East, a mega residential project in Hung Hom, on 5 September, the selling lobby was crowded.

More 106 units of Upper East, a project of mini flats in Hung Hom by Kowloon Development, will be launched next week.

The recent surge in local home prices would ease due to the prevailing bleak economic outlook. But for the time being, demand remains robust especially for small flats, analysts said.

Kowloon Development (0034.HK)‘s Upper East, a small size residential project which were around 194-375 sq ft per unit in seafront of Hung Hom, will launch other 106 out of 1008 units on market next week. The post-discount prices vary from HK$3.3 million to HK$6.8 million per unit, averaging HK$15,000 to HK$18,900 pssf, which was around 4% higher than the previous batch because of seaview.

The Developer sold 333 units in previous batch, cashing in HK$2.4 billion.

Kowloon Development said given the limited land supply by the sea, 30 percent of the Upper East units will be saved for long-term rental market investment.

Meanwhile, New World Development (0017.HK) will sell two special units of upmarket North Point project The Pavilia Hill by tender. More than 90% of its 358 units were sold.

Rental transactions, however, remained weak after the peak season in the summer holiday. Three units in Sha Tin’s Lucky Plaza and City One saw monthly rental fall to HK$9,500, compared with more than HK$11,000 earlier.

Yet public housing apartment prices hit a fresh high. A 140-saleable-square-foot unit at Fung Tak Estate, Wong Tai Sin was sold for HK$1.85 million, or HK$13,214 pssf.

Source: The Standard Finance

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