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Cheapest new Kwun Tong flats cost nearly $8m

Chinachem Group released 68 units in the first price list of Mount Anderson in Kwun Tong yesterday, at an average price of HK$20,363 per square foot after discounts, the most expensive first batch in the region, according to local media reports.

The cheapest unit, measuring 377 sq ft, will cost HK$7.92 million after discounts.

In comparison, the 138 units in the first price list of Minmetals Land's (0230) Montego Bay in Yau Tong sold for HK$17,688 per sq ft after discounts in November, and Wheelock Properties's 83 flats in the first price list of Koko Hills in Cha Kwo Ling in July, went at an average HK$19,995 per sq ft after discounts.

Chinachem won the tender to develop the residential parcel three years ago for HK$3.1 billion, or HK$12,003 per square foot of buildable area.

In Tuen Mun, Hong Kong Ferry (0050) and Empire Group have collected HK$1.07 billion after selling 243 out of 281 units on offer at Skypoint Royale.

The developers released 112 flats in the fifth price list of the project at an average HK$15,838 per sq ft after discounts, about 5.4 percent higher than the first price list.

In the secondary market, property agency recorded 18 secondary transactions at 10 blue-chip housing estates over the weekend, up by seven deals from a week before.

Former Television Broadcasts (0511) general manager Stephen Chan Chi-wan sold a 716-sq-ft flat at The Pavilia Hill in Tin Hau for HK$22.6 million, or HK$31,564 per sq ft. He will gain HK$3.1 million after holding the unit for six years.

In other property news, the percentage of shops sitting empty in the five core shopping districts dropped by 1-17 basis points last month, according to data from property agent.

Of the five districts - Causeway Bay, Tsim Sha Tsui, Central, Wan Chai and Mong Kok - Central saw the highest vacancy rate at 20.49 percent in January, down by 1 basis point from a month before. In Mong Kok, the vacancy rate fell 17 basis points to 12.03 percent.

(The Standard)