If we calculate with single-phase development projects, in 2022, more than 1,000 new units will be available in about 7 phases of the property.
Meanwhile, according to the Lands Department, a total of 5,578 units were approved for pre-sale in the third quarter, which is 41% less than the second quarter, but still about 26% higher than the average of 4,422 units per quarter in the past 21 years.
At present, the total number of pre-sale consents granted but unsold new units has further increased to over 9,500.
Meanwhile, according to the Lands Department, in September 2022, the cumulative number of units to be approved for pre-sale increased slightly by about 1.5% month-on-month to a record 20,885 units, hovering at 20,000 units for the fourth consecutive month, indicating that developers have sufficient supply and diversified market choices.
About 20 new developments could be staged in the fourth quarter, involving more than 9,000 units, ranging from single-unit properties along the railroad to luxury developments in the urban area.
The biggest development is Phase C of Sun Yuen Long Station with 939 groups. The sales paper has been approved earlier and sales can start in a short time.
The same system was previously the finale of the 2021 market, but the latest phase was launched almost a year later with a considerable amount of stock. The developer is likely to adopt a push strategy of asking for volume first and price later, with a chance to attract buyers with new offers.
The third phase is built at Jinshan Road station, one stop away, and could be put into 680 groups within the year. I believe there is an opportunity to directly compare the two first-hand properties located in the northern metropolitan area that will be the focus of the market by the end of 2022.
As a traditional prestigious location in Ho Man Tin district, which has been sought after by the social elite, there will not be much supply of new properties.
Moreover, in Hong Kong, the greatest value of residential properties is their location and transportation facilities. If it is a city building, the value will not be low.
If it is located along the railroad line, there is definitely a price and a market for it. The project has the advantage of a dual rail network, namely the MTR's Tuen Ma Line and the Kwun Tong Line.
It also has the advantage of the newly opened section of the East Rail Line across the sea, two stations to Convention and Exhibition and three stations to Austin.
Homantin Station Phase 1A 447 groups, 1-4 rooms and storage rooms, using an area of 311-1615 square feet; among them, nearly 40% of the families with three bedrooms and storage rooms.
The whole project is divided into three phases with a total of 844 groups. Combining the above two conditions, i.e. the project is located both in the urban area and in the railroad superstructure, it can be said to be invincible.
As for the urban new property supply heavy town of Kai Tak, a new property will be launched in 2022, including two inner housing joint venture Li Chengfu 2, providing a total of 582 groups, including 576 groups of strata households and 6 groups of large houses by the sea. The project focuses on two- to three-bedroom units, of which about 90% are expected to have sea views.
In terms of household distribution, it covers one to four bedrooms, with usable areas ranging from 371 sq. ft. Formed to 2088 sq. ft. There are also terraces and feature units on the top floor.
As for the sea front building, the usable area ranges from 4,294 sq. ft. to 4,850 sq. ft. The key date is December 31, 2024, and an additional 373 parking spaces will be provided with a resident to parking ratio of approximately 1 to 0.64.
