Wednesday, April 21, 2021
Martin Hennecke

$20m forfeitures spark big rush for 19 LP6 flats
<p>Hong Kong&#39;s property market kicked off the second quarter with an upbeat note.</p><p>Hundreds of buyers jostled for 19 flats at Nan Fung Group&#39;s LP6 yesterday, which were offered for sale again after deposits worth over HK$20 million were forfeited over the purchase of these flats last month.</p><p>As of yesterday, the developer had collected around HK$200 million after selling 18 out of 19 flats on offer at the project.</p><p>Some 345 buyers registered to bid for the 19 flats, which were priced at between HK$5.94 million and HK$20.20 million, or between HK$16,422 per sq ft and HK$21,182 per sq ft after discounts.</p><p>One flat measuring 307 sq ft was offered at HK$7.22 million, a 12.5 percent increase over the price at which it was offered in September 2018.</p><p>Meanwhile, Regal Hotels International (0078) received about 120 checks for 30 units on offer at The Queens in Sai Ying Pun, which means the batch was three times oversubscribed.</p><p>The 30 units will go on sale this Saturday. They measure between 242 sq ft and 431 sq ft and are priced at HK$6.88 million to HK$13.19 million, or HK$27,972 per sq ft to HK$31,206 per sq ft after discounts.</p><p>And in Tai Kok Tsui, Henderson Land Development (0012) has raked in HK$1.4 billion after selling 232 flats at its Aquila Square Mile project.</p><p>In the secondary market, Lee &amp; Man Chemical (0746) chairwoman Wai Siu-kee bought a 1,490-sq-ft flat at Altissimo in Ma On Shan for HK$38.2 million or HK$25,638 per sq ft, according to a local media report.</p><p>Centaline Property Agency reported 61 secondary transactions at 10 blue-chip housing estates over the five-day holiday.</p><p>Among the 61 transactions, 25 were recorded on Saturday and Sunday, up by 92.3 percent from the previous weekend.</p><p>Centaline, meanwhile, reported 13 transactions at Kingswood Villas in Tin Shui Wai in the first five days this month. A 449-sq-ft flat at the estate changed hands for HK$5.28 million, or HK$11,759 per sq ft. The vendor, who bought the unit for HK$1.55 million in 1998, will gain HK$3.73 million.</p><p>The real estate agency has also recorded seven transactions at South Horizons in Ap Lei Chau this month.</p><p>Among other transactions, Quarry Bay, a 1,114-sq-ft flat at Tai Koo Shing fetched HK$24 million, or HK$21,544 per sq ft, after HK$1 million was slashed from the original asking price. The seller, who purchased the flat for HK$11.8 million in 2010, will make a capital gain of HK$12.2 million.</p>

Previous news : Secondary sales fall 21pc as new projects launched


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