Sunday, July 7, 2019
Martin Hennecke

New launches after sales decline
<p>Wheelock &amp; Company yesterday launched Grand Montara in Lohas Park, while Wing Tai Properties (0369) debuted Oma Oma in Tuen Mun, starting at HK$5.75 million and HK$4 million respectively.</p><p>The launches came after primary property sales in June dropped to the worst in four months affected by the extradition law, with only 400 transactions, said Centaline residential chief executive of Asia Pacific Louis Chan Wing-kit.</p><p>Wheelock Properties chairman Stewart Leung Chi-kin said the climate has stabilized and he is optimistic about sales. Grand Montara is expected to cash in HK$1.17 billion from its first 101 units ranging from HK$12,585 to HK$16,093 per square foot after discounts of up to 22.5 percent.</p><p>Leung said Wheelock is interested in the Kai Tak Area 4C Site 1 residential plot valued between HK$12.1 billion to HK$14.3 billion, which closes tender today.</p><p>Vanke Property (Hong Kong) won the rights for 9, 9A, 11 and 11A Liberty Avenue Ho Man Tin through compulsory auction at the base price of HK$451 million for the 4,792 sq-ft site.</p><p>This is the developer&#39;s second purchase since acquiring 13 and 13A Liberty Avenue on April 23 for HK$249.1 million.</p><p>Meanwhile, Kerry Properties&#39; (0683) MegaBox in Kowloon Bay saw up to 10 percent growth in revenue with y a 30 percent rise from the food and beverage segment.</p><p>Everbright Grand China Assets (3699) chief executive Liu Jia said the company is considering investing in Hong Kong properties although its independent non-executive director Abraham Shek Lai-him previously rallied Goldin Financial (0530) to forfeit on a multi-billion-dollar commercial plot at Kai Tak.</p>

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