Lohas Park phase 11 bids top expectations

Business | Lucas Lo Apr 25, 2019
<p>MTR Corp (0066) has received 11 tenders for its Lohas Park phase 11 project, exceeding expectations.</p><p>Developers submitting bids include CK Asset Holdings (1113), Sun Hung Kai Properties (0016), Henderson Land Development (0012), Sino Land (0083), and Wheelock and Co (0020). New World Development (0017) and China Resources Land (1109) made a joint bid.</p><p>A Wheelock representative said the plot near the Lohas Park shopping mall and MTR station bodes well for the continued future development of Lohas Park.</p><p>Phase 11 involves three residential buildings, with total gross floor area of 956,468 square feet, providing up to 1,850 units.</p><p>The market estimates the premium amount of the project will be as much as HK$3.05 billion, with a premium per square foot cost of about HK$3,194.</p><p>Meanwhile, Billion Development&#39;s The Horizon in Pak Shek Kok recorded more than 15 times over-subscription, with the developer possibly launching a new batch of units in the short term.</p><p>Separately, the price list of Timber House in Ho Man Tin, co-developed by New World and Henderson Land, will be announced tomorrow.</p><p>The developers may put 80 units on sale on the weekend, while saying they intend to be more aggressive in setting prices.</p><p>In the secondary market, Kornhill in Quarry Bay recorded 12 transactions since the beginning of April, at an average price per square foot of HK$18,379. A 490 sq ft unit sold for HK$8.38 million, virtually doubled the HK$4.2 million it cost in 1997.</p><p>A 734 sq ft flat in Block 6 Bel-Air No 8 in Pok Fu Lam fetched HK$24.88 million.</p><p>Century Gateway in Tuen Mun recorded five transactions of large units this month, including a middle-floor, 723 sq ft three bedroom unit changing hands. After a HK$420,000 price reduction, it sold for HK$12.78 million, or HK$17,676 per sq ft.</p>

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May 2019