Kowloon Bay’s Uptown East moves into sales action

Uptown East, a redevelopment project in Kowloon Bay by Wong Sun Hing, is expected to release the first price list this week.

The project, located at 55 Kwun Tong Road, will offer 807 flats ranging from studios to three-bedroom flats with areas between 235 and 3,415 square feet.

Show flats will be opened today, and the developer expects to launch the sale within two weeks.

Meanwhile, Henderson Land Development (0012) put another batch of 208 flats on the market at Belgravia Place in Cheung Sha Wan, with the cheapest priced at HK$3.23 million.

Henderson will roll out the second round of sales on Thursday.

This came after Henderson’s first batch of 138 units at Belgravia Place sold out within four hours of launch on Sunday after long-time curbs on home buying were lifted.

In Hung Hom, Henderson’s Baker Circle Greenwich revealed the seventh price list offering 28 flats, with an average price of HK$19,073 per square feet after discounts.

It will start sales on Friday.

And a bank has launched auctions for 20 foreclosed flats, providing more supply in the market amid an uptick in market sentiment.

Among them, a 306-square-foot flat at Golden Lion Garden in Tai Wai saw a price cut of 28.7 percent to HK$2.56 million compared to its earlier valuation.

In other news, the Land Registry received 3,189 sale and purchase agreements for all building units for registration last month amid a quiet market during the Lunar New Year holiday, marking a drop of 27.5 percent from the previous month and 46.7 percent less from a year ago.

The total consideration for these agreements also fell 32.9 percent to HK$22.6 billion from January, with a 48.5 percent year-on-year decline, the registry’s latest data showed.

Among the registered contracts in February, 2,375 were for residential units, which slipped by 31.7 percent from a month earlier and 44.5 percent compared to 12 months ago. Their value amounted to HK$19.1 billion, which was down by 31.3 percent month-on-month and 47.9 percent from a year earlier.