Buyers Get Ready to Race as 1,400 Hong Kong Apartments Come to Market

Posted on 22 March, 2021 | By Property852

New property projects have been launching at a rapid pace this month with a fresh supply of 1,400 units coming soon.

Phase one of Grand Victoria opened its show apartments last week. They are jointly developed by Wheelock Properties, Sino Land, K Wah International, Shimao and SEA Holdings. 

This new proposition offers studio flats up to three bedroom apartments with prices ranging from HKD 8.02 mill to HKD 27.56 mill per unit.

After a discount of 20%, the prices were between HKD 6.42 mill and HKD 22.04 mill. The price per-sq-ft averaged HKD 24,628. The ETA for the project completion is March 2023.

Conveniently located near Nam Cheong station, another plus point is that every apartment has a stunning view of Victoria Harbour. There are currently not very many developments in West Kowloon so this project is set to attract interest from investors from both within and outside this area.

There are a total of 524 units in phase 1 of Grand Victoria. The layouts range from studio apartments to four bedroom flats. The collective of development partners purchased the site for HKD 17.29 billion in November 2017. It broke the land sale record at the time with a gross floor area of 987,000 square feet at a cost of HKD 17,501 per square foot.

Also to go on sale later this month is South Land a project situated on top of Wong Chuk Hang station. This is the first residential property to be built above a station in years and should attract a lot of investor attention. There will be around 800 apartments ranging in layout from Studio apartments to four bedroom flats. 60% of the new build will consist of two bedroom and three bedroom apartments. The featured units will be tendered by the public. The development will be built in the luxury sector with prices to match. They aim to target Central office workers and secondary buyers. 

The site tender was won by Road King and Ping An Real Estate who teamed up in 2017. It was a first for a mainland funded partnership to be awarded a large railway project in HK.

Hampstead Reach in the Yuen Long district has also opened its show apartments. The development entails 16 three story properties with floor space of between 1,772 and 1,826 square feet. According to the property developer houses 10,12 and 19 will be sold by tender from the 9th of March.


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