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Old June 29th, 2009, 02:13 PM   #21
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Old July 2nd, 2009, 08:51 AM   #22
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Will they also be landscaping around the base or on the roof in the way of a public green spaces?
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Old July 2nd, 2009, 09:21 AM   #23
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Originally Posted by ilan View Post
Will they also be landscaping around the base or on the roof in the way of a public green spaces?
Rooftop gardens are not very popular in Hong Kong yet, and I haven't heard of them for this project so far. What we see are refuge floors (usually around 30/F for a 50-storey building) turning into recreation areas - some plants, benches, instead of an empty floor.
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Old July 9th, 2009, 06:40 PM   #24
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Old August 9th, 2009, 07:25 PM   #25
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大圍車廠項目 命名「名城」
7 August 2009

【明報專訊】長實(0001)、港鐵(0066)合作發展共有4300多伙的大圍車廠上蓋項目,定名為「名城」,似與長實同系港島大坑名門相呼應。而新世界(0017)較早前亦將尖沙嘴河內道項目,命名為「名鑄」。

第一期1360伙 申預售

長實及港鐵正為大圍車廠上蓋項目第一期共1360伙,申請預售樓花同意書。地政總署資料顯示,該期命名為「名城第一期」,預料落成日期為明年8月31日。該期4幢,現正開始拆棚,發展商表示最快10月開售,市場估計推售時間為今年第4季至明年初。大圍車廠上蓋項目由12幢、樓高43至50層物業組成,提供約4304個單位。

地政總署昨指出,正處理14項住宅預售申請,共涉及6609個單位。新地(0016)沙田道風山「壹號雲頂」最後一期第3期共13幢洋房,剛獲批准預售。發展商上月底表示將於暑假後推出,暫未定意向呎價。該批洋房預料落成時間為本年9月30日。另外,新地亦剛為深井青山公路青龍頭的4幢洋房(位於浪翠園3期與4期之間),申請預售。該地為06年9月新地於政府拍賣時以5300萬元投得,每呎樓面地價為5929元。
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Old August 15th, 2009, 06:57 AM   #26
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12 stories looks tall from here.
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Old September 8th, 2009, 12:52 PM   #27
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By kong from skyscrapers.cn :









































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Old September 9th, 2009, 09:43 AM   #28
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Not bad. But not great either. Well at least it blends in.
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Old September 9th, 2009, 09:23 PM   #29
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Plain but good. It removes the eyesore of the massive hulk of concrete that the train station appears as.
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Old September 9th, 2009, 11:22 PM   #30
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Nice!
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Old September 10th, 2009, 05:23 AM   #31
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Quote:
Originally Posted by spicytimothy View Post
Not bad. But not great either. Well at least it blends in.
Heh, my thoughts exactly.
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Old November 24th, 2009, 07:21 PM   #32
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Target achieved, Cheung Kong keeps rein on release of luxury flats
8 September 2009
The Standard

Cheung Kong (Holdings) (0001) plans to put only about 100 units at its Ho Man Tin residential project on the market this month despite the limited supply of luxury flats.

The developer is aiming to sell the units in the second phase of Celestial Heights at HK$15,000 to HK$20,000 per square foot, according to Francis Wong See-chung, director of Cheung Kong Real Estate. The firm hopes to reap HK$22 million to HK$23 million for the cheapest homes and HK$40 million for units on higher floors.

Wong said prices will be slightly higher than those in the unofficial launch in May. The 20 units sold then cost HK$15,975 psf on average.

The remaining 300 flats in the project, jointly developed with Nan Fung Group, will go on sale in the first half next year or in 2011.

Executive director Justin Chiu Kwok-hung said Cheung Kong has already reached its full-year target to sell 3,000 units, which are worth HK$12 billion. The firm expects to win presale consent from the Lands Department for its Tai Wai residential housing project by year end.
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Old December 14th, 2009, 06:38 AM   #33
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Developer hopes to sell 9,500 units
14 December 2009
The Standard

Cheung Kong (Holdings) (0001) is set to launch around 9,500 units next year, making it the developer with the most flats available for sale, said executive director Justin Chiu Kwok-hung.

The units are expected to bring in a total of HK$30 billion.

As of Friday the developer has raised HK$24 billion from selling 4,500 units this year, accounting for 90 percent of flats it launched since January.

First up for next year will be the fifth phase of Tung Chung villa project Caribbean Coast, which consists of 56 houses and is set to get pre-sale consent, said Chiu.

It will be followed by the Hung Shui Kiu project in Yuen Long, in which around 734 units will be put up for sale.

Chiu said Sha Tin and Tseung Kwan O will be key districts for residential project launches for the new year.

Sha Tin will see some 4,000 units put up for sale, including 2,726 flats in Tai Wai Festival City phases one and two.

Tseung Kwan O will see even more project launches. Around 4,800 units will be sold, and these will include 2,000 relatively small units near Lohas Park, which will be launched in the fourth quarter and target market segments such as newlyweds and first home buyers. In the mainland, Cheung Kong Group, including Hutchison Whampoa (0013), will launch projects with more than HK$30 billion in market value.

Chiu expects property prices to rise about 10 percent next year.

Cheung Kong's Le Prime project recorded 140 transactions over the weekend, bringing the total sold to date to 1,100 units. Prices averaged HK$5,000 per square foot in gross floor area terms and HK$6,000 psf in saleable area.

The group said future price hikes will depend on market reaction.

The secondary market last week was very active, with turnover jumping 60 percent in the top 10 estates from a week earlier. City One Shatin was the most active estate with 20 units changing hands.
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Old December 15th, 2009, 02:02 AM   #34
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Quote:
Originally Posted by lindawei View Post
Hope Hongkong and Taiwan will develop faster and faster.
Why? They are already developed.

Also, what's with the shoe sale? Is anyone monitoring this account?
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Old December 30th, 2009, 11:05 AM   #35
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MTR alters Tai Wai project to cut wall effect
19 December 2009
South China Morning Post

The MTR Corporation has taken note of public opposition to wall-like developments and revised the design of residential high-rises it will build on top of Tai Wai station on the East Rail Line in Sha Tin.

The Town Planning Board granted approval yesterday but questioned a 27 per cent increase in car parking to 411 spaces. This will increase the size of the podium, blocking sunlight and air flow. The board said the development was already convenient for residents as it was on top of a mass transit system.

The development, comprising eight residential blocks of about 50 storeys, was criticised by the public for being too visually intrusive. Residents in the area fear the massive development will dwarf the group of tenement buildings behind the station and block air flow.

Another residential development by the MTR Corp, comprising 12 high-rises of about 50 storeys, has already been built above the Tai Wai depot next to Tai Wai station. This has been named Festival City and flats will be sold for more than HK$10,000 per sq ft.

Under the latest plan submitted to the Town Planning Board, the MTR Corp will introduce gaps between the blocks - the largest being 50 metres wide between tower three and tower four.

The podium edge near the Shing Mun River channel will be set back by about 15 metres to allow a wider landscape promenade. A pedestrian piazza with some greening is also proposed for public enjoyment.

However, the addition of 88 car spaces adds a storey to the podium.

An area in the podium reserved for a post-secondary college will be increased from 10,530 square metres to 15,000 square metres. The MTR Corp said this was in response to a request from the Education Bureau.

The development is expected to provide 2,900 flats and a commercial area of about 62,000 square metres.

"Festival City is already a disaster to residents living in the neighbourhood," Sha Tin district councillor and Civil Force convenor Ho Hau-cheung said. "Another massive development will affect the quality of life of those living in the tenement buildings behind it."

Ho said the community needed a library and air-conditioned market instead of a post-secondary college. He criticised the government for not consulting the public.

A Town Planning Board spokeswoman said the board had concerns about the increase in parking spaces and the Transport Department had the right to review the number of spaces when assessing the transport impact of the development. The project has not yet been tendered to developers and there is no timetable.
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Old February 25th, 2010, 06:34 AM   #36
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Developers gear up to hike new unit prices
24 February 2010
The Standard

Numerous developers see room for price rises for new launches in March after favorable auction results and robust primary property sales.

Henderson Land (0012) plans to hike prices at Hill Paramount in Sha Tin by 5 to 10 percent, up from HK$16,500 to HK$17,500 per square foot.

General manager Thomas Lam Tat-man said Henderson will finalize sales strategies next week before launching them in March.

Cheung Kong (Holdings) (0001) will also raise target prices for Festival City in Tai Wai, according to director William Kwok Tsz-wai. Kwok said last month the target prices would range from around HK$9,000 to HK$13,000 psf.

The developer is waiting for sales consent, and says over five banks may offer the most favorable mortgage plans in Hong Kong, lower than the Interbank Offered Rate plus 0.65 percent.

Sun Hung Kai Properties (0016) is likely to launch Larvotto in Ap Lei Chau in March. The first 25 units _ measuring 2,400 to 2,500 sq ft _ will still be priced from HK$60 million, or HK$25,000 psf, said Hung Kai Real Estate Agency senior sales and marketing manager Andy Chan. Soundwill Holdings (0878) targets sales of seaview homes on the executive floors at Warrenwoods in Tai Hang for at least HK$20,000 per square foot, but sees room for higher prices, said executive director Vivian Chan.

It will launch the single-building 164-unit project in March at the earliest.

Chinachem Group targets an average HK$8,000 psf for Le Billionnaire II in Kowloon City, said sales manager Ng Shun-mo. The first homes will cost around HK$5,000 psf.

Cheung Kong's Kwok said a possible rise in government stamp duty will not affect potential Festival City buyers, who are financially strong.

Chan said she does not want to see property prices climb too quickly and is supportive of appropriate official measures on the luxury market.
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Old March 15th, 2010, 10:28 AM   #37
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Investors eye cheaper apartments
Local and mainland buyers are now looking for a good yield and turn their attention to the other end of the real estate sector for better returns

12 March 2010
South China Morning Post

When the going is good for Hong Kong real estate, it's very good for luxury property. But can Hong Kong's luxury market continue to outperform the mass market?

It doesn't make sense that price gains for high-end homes can constantly outstrip the market as a whole.

In percentage terms, they would eventually become exponentially more expensive. With luxury property prices up 44.5 per cent in a year, the likelihood of a trickle-down effect is encouraging some investors to shift their focus.

"Given the significant rise in luxury residential prices last year, a number of investors have shifted to the mass market - in particular major estates in the New Territories - to seek better return opportunities," Knight Frank stated in its report last month on Hong Kong residential property. One veteran investor bought 10 mass-residential units in central Sha Tin for HK$20 million, while another bought 12 flats in Tuen Mun, in several estates, for a similar amount.

Sun Hung Kai Properties also saw a successful launch of its 1,890-apartment Yoho Midtown project, a multi-tower development in Yuen Long. Despite being a long way from what most would consider midtown Hong Kong, the first batch of flats released for sale fetched an average of HK$5,400 per sqft.

That was much higher than the going rate in the area. Apartments in Yoho Town, the first phase of the development, are selling for about HK$4,300 on the secondary market. After selling 1,100 flats in Yoho Midtown's launch, the developer has since raised asking prices to an average of HK$6,000 per sqft.

Rental yields for mass-market apartments can hit 4 per cent or 5 per cent, double what a luxury property is likely to command. Luxury yields are averaging 2.6 per cent, and are still tightening since prices are rising faster than rents. Although luxury buyers are focusing on capital gains, and may not rent out their investments at all, the higher yields do provide an added attraction for mass-market housing.

Tim Murphy, founder and managing director of the Hong Kong-based real estate development and advisory company IP Global, believes investors should shift their focus this year because cheaper apartments appear to have more potential.

"Much of the news in 2009 was around Conduit Road and luxury properties," Murphy says. "Now you are seeing people moving to the mass-market properties, whether that be in Kowloon, the New Territories or Hong Kong Island. Buyers are now looking for a good yield or looking for owner-occupier properties with low interest rates."

Mainland buyers have been most interested in higher-end properties, particularly new ones. But that may be beginning to change. Research from Nomura International, studying the impact of mainland buyers in Hong Kong, shows that interest in apartments worth less than HK$5 million doubled as of the end of last year. For mainland corporations, their interest was actually strongest in that category of flat.

If mainland buyers switch their focus, or more middle-class buyers become active in Hong Kong, it could have a dramatic effect on mass market housing, according to Paul Louie, one of the analysts who compiled the report. "When the Chinese began travelling, the richer guys came first and then, afterwards, the middle class began to come to Hong Kong," Louie wrote in an e-mail. "So this initial wave of demand from China is rightly targeting the higher end, but as the middle class becomes more familiar with Hong Kong, they may follow and also buy a home. In which case, the cascade of demand to the mass market may be a huge theme for 2010 and 2011."

Aside from Yoho Midtown, though, the bulk of new developments coming on the market in the first quarter of this year are at the luxury end of the spectrum. Festival City Phase One, a development in Tai Wai from Cheung Kong Holdings and MTR Corp, is the nearest in price, expected to fetch HK$9,000 to HK$13,000 per sqft, according to Knight Frank. Sino Land's development, The Hermitage, in Tai Kok Tsui is anticipated to fetch HK$13,000 to HK$15,000 per sqft.

Two other new developments, Hongkong Land's Serenade and Hill Paramount in Tai Wai, could price at about HK$20,000 per sqft, while the Larvotto, a project by Sun Hung Kai Properties, Kerry Properties and Paliburg Holdings that has commanding sea views from Ap Lei Chau, may go on the market at HK$25,000 per sqft, or HK$60 million for apartments of 2,400 to 2,500 sqft.

Knight Frank is forecasting that luxury residential prices will climb a further 18 per cent this year, with mass-market housing almost keeping pace with gains of 15 per cent. The company notes that although luxury properties are faring better now, they fell further during the financial crisis.

"In the past two to three months there have been signs the mass market is picking up its pace," says Xavier Wong Kit-hung, the head of research at Knight Frank's Hong Kong branch. "They can keep pace with the luxury residential market now, but over the long term it is difficult."

The lack of supply at the high end of the market ensures price gains there. "For smaller units, people have many choices, but for luxury residential market the supply is too limited," he says.

Of course, that may change if developers continue to target the high end. And, like Yoho Town, new developments from Sun Hung Kai Properties, Swire and Kerry Properties will command an extra premium, whatever end of the spectrum they fall.

"As long as they are new and produced by good developers, they can always command good premiums," Wong says.
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Old March 25th, 2010, 12:03 PM   #38
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Festival City offer undercuts HKMA mortgage floor
The Standard
Thursday, March 25, 2010

Buyers of Cheung Kong Holdings' (0001) latest project in Tai Wai, Festival City, may pay as little as 0.64 percent for mortgages, which is lower than the home loan price floor set by the Hong Kong Monetary Authority earlier this month.

The developer's subsidiary AMTD Financial Planning - which does not fall within HKMA regulations - has offered buyers a mortgage plan principally based on three- month HIBOR plus 0.5 percent for the first year.

In subsequent years, the mortgage rate will follow market rates. Buyers will also not receive any cash rebates.

Cheung Kong Real Estate director William Kwok Tsz-wai said there is abundant capital in the market to allow the group to make such an arrangement.

Kwok said Cheung Kong is a developer and hence it did not communicate with the HKMA. But he stressed the developer respects the de facto central bank's mortgage rate guidelines and has no intention of challenging them.

The HKMA's bottom prices are one- month HIBOR plus 70 basis points or Prime minus 3.1 percentage points - equivalent yesterday to 0.79 percent and 2.15 percent, respectively.

AMTD operates under the Money Lenders Ordinance and is not regulated by the HKMA. Lenders of its kind only need to apply to the relevant departments at the Companies Registry and the Hong Kong Police Force for licenses.

A source said these non-HKMA-regulated lenders currently constitute a negligible proportion of the mortgage market. The source noted they do not take any public deposits and are unlikely to pose any systemic risk to the financial system. He believes homebuyers will take into account the lack of cash rebate and the floating rate after the first year.

An HKMA spokesperson said the authority is not in a position to comment on organizations it does not regulate. The regulator reiterated that low rates will not be sustained and banks should assess their lending abilities carefully. The spokesperson said that once rates return to normal, borrowers' repayment abilities will be affected, adding the regulator will monitor market development.

HKMA chief Norman Chan Tak-lam said yesterday that regulators in the mainland and Hong Kong have a responsibility "to make sure there will not be excessive growth in bank credit that will fuel an asset bubble."
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Old April 8th, 2010, 05:42 PM   #39
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The show-flat gimmicks buyers can see through
How a developer gives you the big sell for new estate in a Hung Hom mall

28 March 2010
South China Morning Post

Visitors to show flats are aware of developers' tricks that make the flats look more spacious than the real thing. The tactics have caused controversy in the past.

But what else is done to make a project appealing to potential buyers? The Sunday Morning Post went to a Hung Hom sales office to view the show flats of the Festival City project. The development, next to Tai Wai station on the MTR's East Rail line, will be completed in the third quarter of the year. The first phase of sales, covering 1,360 units, started on Friday. The cheapest ones are HK$8.32 million. By 9.30pm that day, 300 sales had been completed.

A property agent told us that viewing started at 2.30pm, citing information from the developer, Cheung Kong (Holdings). But it was not until an hour later that visitors were allowed to enter in small groups of about 10. By then, at least 200 were waiting in line, many of them property agents who were accompanying their clients. The agent said the delay was a marketing gimmick to make the project look popular.

Visitors were first led into a room to watch a 90-second promotional video featuring glamorous Western models decked out in designer clothing in shopping centres and beside a swimming pool.

Then we were led into the next room to watch another video. At the start of the clip, a disclaimer stating that the video is based on artists' impressions flashes up for a few seconds. The clip shows an impression of the "Grand Atrium", with its high ceiling, a clubhouse called "Club Festival", the "Lazy River" - a 180 metre long, man-made river, a 50 metre outdoor swimming pool and "X-Generation World" for children.

Next, visitors arrive at the first show flat, about 900 square feet in size. Thin strips of tape on the floor mark where walls would be in the actual flat. The front door and adjacent wall are missing, exaggerating the width of the entrance.

A wall of a storage room is missing. The property agent said this was a structural wall that could not be knocked down in an actual flat.

The bathroom is partitioned off with a thin glass wall. A sign on the toilet seat lists some of the hardware that would come with the actual flat. Another sign says layout and displays are "special design features of the show flat and are not to be taken as the standard of the actual bathroom". Similar notices can be seen in other rooms.

The living room is in the centre of the flat. Opposite the front door is where a balcony would be. Rather than marking the outer end of the balcony with the wall, it is marked by tape. Next to the living room, a single bed is on an elevated platform, half of which is on top of the bay window in the bedroom. The property agent said this layout saved space. There are no wardrobes in the flat.

The second show flat is about 1,300 sq ft, with two bedrooms and an en suite bathroom. Like the first, it has no doors or wardrobes. Most of the walls are represented by glass partitions or tape on the floor. The two bedrooms are "partitioned" with a curtain to represent a wall.

Visitors then go through a mock-up of Club Festival. It includes a dark area with a lit-up catwalk and sofas that looks very much like a nightclub in Lan Kwai Fong.

So just how effective are these marketing tactics? Visitors Somi Lee and Sam Li found them unnecessary. "The videos do not reflect the real thing," Lee said. "There is too much exaggeration. We live in the area and we know what Tai Wai looks like."

The couple may have been at the front of the queue, but they said they still had to wait for an hour and a half. Lee said it was a waste of time. Li said they visited show flats for Yoho Midtown in Yuen Long recently but did not watch promotional videos there.

Lee said the use of glass partitions and the lack of wardrobes were to make the flat look more spacious. However, he did not find them misleading, since he knew what he was viewing was a show flat.

Visitor Annie Pang also complained she had wasted time. She said developers had long used tape on floors to indicate walls, but she still found the practice deceptive.

A spokeswoman for Cheung Kong said: "We state clearly where walls between rooms are deliberately removed for the purpose of the show flats." She said this was the norm when flats were sold off floor plans, and that singling out Cheung Kong's practice at Festival City was unfair. She said Li's comment about living in the area and knowing what Tai Wai looked like was unfounded because she had not seen the actual flat.
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Old April 11th, 2010, 09:34 AM   #40
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Home prices seen as peaking out Buyers baulk at premium pricing of new flats while sales in secondary market surge
7 April 2010
South China Morning Post

Lower than expected sales of apartments in Cheung Kong (Holdings)' Festival City in Tai Wai have raised concerns that price gains in the primary market may be outstripping the budgets of homebuyers.

"It is a sign that prices are close to their peak," David Ng, head of regional property research at the Royal Bank of Scotland, said.

The continued strength of the secondary market, meanwhile, reinforces the view that buyers may be baulking at prices of new releases and adjusting their sights lower, Professor Eddie Hui Chi-man, of the department of building and real estate at Hong Kong Polytechnic University, said.

Secondary-market sales have hit a post-1997 peak, with research from estate agency Midland Realty showing that sales at Amoy Gardens in Kowloon Bay and City One Plaza in Sha Tin surged 73 and 48 per cent to 325 and 496 deals, respectively, in the first quarter, compared with the final quarter of last year.

Research from Ricacorp Properties, meanwhile, shows that secondary market sales soared 77 per cent to 2,056 deals in March from 1,161 deals in February, lifting total quarterly sales to a record since the third quarter of 1997.

The difference between the demand for primary and secondary units could suggest a growing resistance to the escalating prices of new apartments, Hui said. But while it signalled that prices might be peaking, it did not suggest an imminent fall in values.

As measured by the price index compiled by estate agency Centaline, secondary-market prices in 86 key housing estates rose 7.46 per cent to 78.69 points in the first quarter, the highest level in 12 years.

A 1,105 square foot unit on an upper floor at South Horizons in Ap Lei Chau sold on the weekend for HK$10 million, or HK$9,050 per square foot. This is a record for a four-bedroom flat in the housing estate since 1998.

"Asking prices in new projects are even higher," Hui said. "It is common to see asking prices for units in new projects that are 30 to 50 per cent higher than secondary-market properties.

"The sharp increase in sales in the secondary market is evidence that many home seekers are finding that new flats do not offer value for money and are shifting to the secondary market."

When Cheung Kong launched Festival City for sale on March 26, executive director Justin Chiu Kwok-hung said he expected the first-phase release of 1,360 units could sell out in three days and the average price of the project could reach more than HK$10,000 per square foot.

But only some 350 flats were sold in the first three days of the launch, and the developer lowered its asking price when releasing a second phase of units last week.

As an additional incentive to investors, Cheung Kong also made a financial plan available that required a buyer to make a down payment of 15 per cent within 180 days of signing a preliminary purchase agreement, compared with the 20 per cent previously required.

"The fact that the developer provided the new financial plan indicates that demand from end-users was weak," Michael Wu, a director at Fitch Ratings, said.


Ng of the Royal Bank of Scotland said the worse than expected outcome at Festival City was not due to Cheung Kong's sales strategy but a "change in the market mood".

While the sales did not conclusively point to a downturn in prices, they suggested that prices may be approaching their peak, he said.

"We will have to wait to see what happens at the launches of Sun Hung Kai Properties' Larvotto in Ap Lei Chau and Sino Land's Hermitage in West Kowloon before making a judgment," Ng said.

"But I will be disappointed if 30 to 40 per cent of the units in the two projects are not sold in the first week and if sales could not be sustained in the second week."

Hui also believed that property prices were peaking and would rise a further 5 to 10 per cent only.

Wu said that while homebuyers had begun resisting the premium on new projects, that did not mean the downturn had begun.

He believed the developers of Larvotto and Hermitage would not be deterred from pitching prices at high levels.
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