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Lam Ka-sing

Flats at Hong Kong’s first new housing project of the year have been priced lower than expected, as the city faces a fifth wave of Covid-19 outbreak, which could weigh on buying sentiment.
Henderson Land Development, founded by Hong Kong’s second richest man Lee Shau-kee, on Friday said 66 flats at the 337-unit The Harmonie in Cheung Sha Wan woillbe offered at HK$21,379 (US$2,746) per square foot on average after discount.
The price is 4.2 per cent lower than The Vertex launched in the same district in December 2019 at HK$22,309 per square feet, according to Centaline Property Agency.
The project, a joint venture with the Urban Renewal Authority, could go on sale as early as next weekend, said Thomas Lam, a general manager of sales at Henderson.




He said the pricing was “restrained” and around 5 per cent lower than nearby projects, but added that there could be price increases later due to the seasonal boom in the housing market after Lunar New Year.
Prices at The Harmonie start at HK$6.21 million for a two-bedroom unit measuring 322 sq ft.
“The new wave of the pandemic has caused developers to become very cautious with new project launches, as outbreak prevention is the first priority [of the government],” said Louis Chan, Asia-Pacific ­vice-chairman and chief executive of the residential division at Centaline.
He added that developers have not postponed new project launches for some time.
Some 34,000 new units could be available for sale this year, the second highest since 2006, according to Ricacorp Properties.
Henderson continues to build up its land bank in Hong Kong, invests over US$1.1 billion in redevelopment projects
Flats viewings organised by Hong Kong’s three biggest agencies have started falling as buyers avoid crowding and going out amid the Covid-19 outbreak.
However, Chan noted that transaction volumes for lived-in homes had risen recently amid a drop in prices. “There is still a large amount of purchasing power in the market, and users can take the opportunity to find bargains,” he added.
Kingswood Villas in Tin Shui Wai, for example, saw 12 transactions this month as of January 13, with half below market price, according to Centaline. A couple of flats in Yuen Long and Tuen Mun also saw rare losses.
Investment banks have predicted that Hong Kong’s home prices could fall this year, with Morgan Stanley expecting a 2 per cent drop and UBS 5 per cent.


Their forecasts came as a gauge of lived-in homes compiled by Centaline, the ­Centa-City Leading Index, slipped 0.5 per cent to 185.19 for the week ended January 9. It has dropped 3.2 per cent since it peaked last August, and is expected to fall further to up to 182 amid new social distancing measures, the agency said.
Hong Kong’s ban on evening dine-in services and flight ban on eight countries will be extended for two more weeks, through the Lunar New Year holiday, to curb the coronavirus outbreak, the government said on Friday.
Meanwhile, an industrial and data centre parcel in Fanling received only three bids on Friday, which market observers said was surprisingly low considering eight bids were tendered for another industrial parcel in the same area last January.
Developers’ plans might have been affected by the pandemic, Knight Frank said.


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Property


The prices of flats at The Harmonie in Cheung Sha Wan are 4.2 per cent lower than The Vertex, which was launched in December 2019
66 flats at the 337-unit residential project could go on sale as early as next weekend,



The prices of flats at The Harmonie in Cheung Sha Wan are 4.2 per cent lower than The Vertex, which was launched in December 2019.


Property investment

Henderson Land

Henderson prices flats at The Harmonie, Hong Kong’s first residential project this year, lower than The Vertex launched two years ago

The prices of flats at The Harmonie in Cheung Sha Wan are 4.2 per cent lower than The Vertex, which was launched in December 2019 66 flats at the 337-unit residential project could go on sale as early as next weekend,

The prices of flats at The Harmonie in Cheung Sha Wan are 4.2 per cent lower than The Vertex, which was launched in December 2019

66 flats at the 337-unit residential project could go on sale as early as next weekend,