Cheung Kong raises Ocean Pride prices by 10 per cent in a week in market’s bullish outlook
Selected higher floor units at CK Property’s Ocean Pride project in Tsuen Wan will be subject to a price increase of 10 per cent
Prices for the 122 units in the third batch of Cheung Kong’s Ocean Pride apartments next to the Tsuen Wan West subway station will be priced between HK$12,700 per square foot and HK$22,000 per sq ft after a 20 per cent discount, the developer said.
“The price is about 2 to 10 per cent higher than the previous launches,” said William Kwok, a director of the developer’s wholly-owned subsidiary Cheung Kong Real Estate.
Still, prices are likely to rise by 10 per cent among luxury residences exceeding HK$12 million (US$1.54 million), where one in every five buyers is likely to hail from mainland China, Knight Frank said.
“It is the highest proportion since 2013 after the buyer stamp duty was introduced,” said Thomas Lam, a senior director and head of valuation and consultancy at Knight Frank.
While mainland Chinese buyers are snapping up apartments and luxury homes, mainland developers -- who’ve spent HK$40 billion buying land this year -- are also piling on to add to Hong Kong’s housing stock, estimated to account for between 15 per cent to 20 per cent over the next three to four years.
Grade-A office rents in Central are likely to rise by 5 to 10 per cent this year, while those in Kowloon are forecast to drop 2 to 5 per cent, Knight Frank said. Rents for prime street shops are forecast to decline 0.5 per cent, the property consultancy said.
Midland Realty estimates that total monthly property transactions for May, including apartments, shops, industrial units, car parking spaces, will decline 16.2 per cent on month to 7,527 transactions.