Wheelock Properties' KOKO HILLS Phase 3A in Lam Tin, officially named KOKO ROSSO, will offer 392 units, half with sea views, and standard units ranging from 300 to 497 square feet, with most units expected to be priced below $10 million. He also expects the outlook for the property market to continue to improve, and believes that the first half of the year will be spent on new developments, before catching up with price increases in the second half of the year.

KOKO ROSSO offers 392 units, half of which have sea views, with one to two bedrooms and standard units ranging from 300 to 497 square feet, with two units of over 900 square feet.

According to Wong, the project is suitable for young buyers and investors alike, and pricing will be based on the first two phases, East Kowloon and Kai Tak, with most units expected to cost less than $10 million.

The project is expected to be ready for occupation in the middle of next year and will take about 17 months to complete, while KOKO HILLS Phase 3B is still pending pre-sale approval and is expected to be launched in the second half of the year. The project has sold 239 units in its first two phases, generating nearly $3.1 billion in cash, at an average price of $22,121 per square foot and a transaction price of $7.745 million to $62.744 million.

Looking ahead to the property market, he said that with Hong Kong moving towards normalcy and attracting professionals to Hong Kong, it would be positive for the property market if mainlanders came back to Hong Kong to buy properties if the territory was fully cleared for customs.

First-hand transactions have doubled to more than 500 in January and are expected to reach 1,000 in February, and he believes that new properties will first seek volume in the first half of the year before catching up with the rise in property prices in the second half.

On the other hand, Mr Fong Man-cheong, CEO of Far East Development Properties, said the group plans to launch the sale of Kai Tak Area 4B Project 4 in the fourth quarter of this year, as well as the Oyster Chung Project in Sai Kung.

As for the sale of 36 units in Mid-Levels Belcher's Golden Crest in Sha Tin, a total of nearly $800 million was realised at an average price of around $20,000 per square foot, which will be exclusively distributed by Centaline Property.

The remaining 26 units and four houses will be offered for sale by tender, and the intended price of the houses will be determined by reference to the transactions of first-hand luxury houses in Kowloon Tong and New Territories East, according to Far East Development's General Manager, Sales and Marketing, Mr. Chan Fu Keung.