Sino Land sells less than half the flats at Grand Central in Kwun Tong after developer rushes through sales

Lam Ka-sing
·3-min read

Sino Land’s latest batch of flats at its Kwun Tong project received a tepid response, after the developer rushed through the weekday sales ahead of the Lunar New Year holiday, pricing it 30 per cent higher than its launch in 2018.

Homebuyers bought 57 out of 132 flats in phase two of Grand Central on Monday, pulling in over HK$710 million (US$91.6 million).

“The project has no problem and the pricing is also right,” said Sammy Po Siu-ming, chief executive of Midland Realty’s residential division. But he put the mediocre sales down to the rushed launch as buyers and agents did not have enough time to digest the information.

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Hong Kong-listed Sino Land released the latest price list on February 1 and the sales arrangement on Thursday. In contrast, Chinachem Group set the prices for the first 68 flats of its Mount Anderson project, also in Kwun Tong, on Sunday, with the sales most likely to place on February 20, giving buyers almost two weeks to weigh their options.

Po said the pandemic and recession could not be blamed for the project’s poor uptake, pointing to the upbeat sales over the weekend.

More than 440 new homes were sold over the weekend, a seven-month high, according to Centaline Property Agency. The agency said about 530 first-hand transactions have already been recorded n February, with this month’s total likely to reach some 2,000 units.

Sino Land, however, said it was “satisfied” with Monday’s sales, pointing to the recent “boom in the housing market”.

“The remaining stock of Grand Central phase two may see a price increase ,” said Victor Tin, group associate director at Sino. “Flats on tender in phase two saw an enthusiastic response and the result will be released soon.”

Two buyers forked out HK$24 million and HK$28 million, respectively, for two flats each in the project which is nearing completion.

As people tend to stay in Hong Kong during the Lunar New Year holiday, the seasonal boom in the property market is likely to continue until after the holiday, said Louis Chan, Asia-Pacific vice-chairman and chief executive of the residential division at Centaline, who remained optimistic about the housing market.

He added that first-hand and second-hand transaction volume may reach 7,000 this month, the highest since May 2019.

A billboard for Sino Land’s Grand Central project in Kwun Tong. Photo: Sam Tsang
A billboard for Sino Land’s Grand Central project in Kwun Tong. Photo: Sam Tsang

Grand Central, which is close to Kwun Tong MTR station, is due to be delivered in May, with the attached shopping centre set to open in April. It has sold over 1,687 of the 1,999 flats in since its initial launch, pulling in over HK$21 billion.

On Monday, flats in Grand Central, ranging from 333 to 945 sq ft, were priced at HK$22,638 per sq ft on average, about 30 per cent higher than the HK$17,388 per sq ft during its launch in 2018. A 333 sq ft had a starting pricing of HK$7.71 million.

Chinachem, meanwhile, has priced its Mount Anderson flats at HK$20,363 per sq ft on average after discounts for the first 68 flats, some 10 per cent lower than Grand Central.

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