As the Lunar New Year approaches, Hong Kong's property market is experiencing a surge in activity. One of the highly anticipated projects is the development above Ho Man Tin Station in collaboration between Emperor Group and MTR Corporation. The project, named "ONMANTIN," will be launched in two phases, offering a total of 990 residential units and injecting new vitality into the property market during the New Year.

Additionally, several residential projects near the railway are also preparing to seize market share during the Chinese New Year, with these projects located across Hong Kong Island, Kowloon, and the New Territories, involving over 7,300 residential units in total.

Yesterday, "ONMANTIN ON MANTIN" was officially unveiled, marking the debut project jointly launched by Emperor Group and MTR Corporation above Ho Man Tin Station. The project will include five residential towers with dedicated elevators directly connected to Exit A4 of Ho Man Tin Station. Currently, the project is in its final preparation stage and will be officially launched to the market soon.

In the two-phase plan for ONMANTIN, Phase IIA will include 1 to 3 residential towers, providing a total of 418 residential units, while Phase IIB will offer 572 residential units, including five and six tower clusters further divided into 5A, 5B, 6A, and 6B. According to available information, the development rights for the project above Ho Man Tin Station changed hands among different companies since December 2016, ultimately taken over by Emperor Group in 2021 for a land premium of approximately HKD 6.282 billion, equivalent to about HKD 8,459 per square foot of gross floor area.

Market expectations generally indicate that the first phase of the Ho Man Tin Station project developed by Wheelock Group, named "La Vetta," will serve as a major reference for ONMANTIN pricing. La Vetta is divided into three phases, offering a total of 844 residential units. In March of the previous year, the IB phase of the project was launched, with 50 residential units achieving an average saleable area price of HKD 24,838, almost sold out in the first round of sales.

Following that, the IC phase, featuring 216 residential units, saw the average saleable area price of the initial 80 units raised to HKD 25,953 within half a month, with about 80% sold, indicating strong market demand. As for the IA phase, the most scenic part of the La Vetta project, it was launched in May of the previous year, with the first 90 residential units achieving an average saleable area price of HKD 26,718. As of now, the entire La Vetta project has sold 439 residential units, with total sales exceeding HKD 7.5 billion, becoming one of the hottest-selling new developments in the property market last year.

Among the La Vetta project, the unit with the highest transaction price is located in the IB phase, on the 29th floor of Block 3A, Room B, with an interior area of 1,234 square feet, designed as a four-bedroom suite with a spacious 866-square-foot terrace. This unit was successfully transacted in March of the previous year for a price of HKD 51.8 million, equivalent to HKD 41,977 per square foot.

Furthermore, a standard layout in Phase 1A of La Vetta. Tinhai set a remarkable transaction record in July of the previous year. The unit on the 27th floor, Room D, has an area of 996 square feet, featuring three bedrooms, and was eventually transacted for HKD 40.338 million, with an average selling price of HKD 40,500 per square foot.