Starters homes are essential to help young people climb the property ladder, Sun Hung Kai Properties (0016) executive director Adam Kwok Kai-fai said yesterday.
He declined to say what prices he deems reasonable for starter homes, saying he would rather wait for the government's announcement of prices for those flats.
Kwok also said developers should partner with non-governmental organizations to provide cheap rental housing to young people.
SHKP currently has a partnership with the Hong Kong Sheng Kung Hui to develop a community complex in Yuen Long. Half of the premises will house young people. Construction of the project will start next year.
SHKP also said yesterday that sales last year in its 10 major shopping malls in Hong Kong rose 9 percent year-on-year to HK$15.7 billion. Foot traffic in those malls rose 10 percent to 370 billion.
Fiona Chung, general manager of Sun Hung Kai Real Estate Agency (Leasing), said she expects total sales in all 10 malls to rise this year by 7 percent and foot traffic by 8 percent from last year.
She said rents at the East Point City mall in Tseung Kwan O are now in the HK$70-HK$120 per square foot range and at the HK$80-HK$500 psf range at Park Central also in the same district.
She said PopWalk mall will open by the end of this year.
Samantha Wong and Tracy Hu