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1/24 News Roundup: HK The World’s Most Unaffordable Homes For the 7th Year, Wong Chuk Hang Station Site Drew 39 Expressions

  • By
  • Asif Ghafoor
  • January 24, 2017

HK The World’s Most Unaffordable Homes For the 7th Year
For the seventh year in succession, Hong Kong remains the most expensive homes market among 406 major metropolitan regions in the annual Demographia International Housing Affordability Survey. The average price of a SAR home last year was 18.1 times the median annual pretax household income, the survey showed. The second place goes to Sydney, Australia (12.2 times) and the third place goes to Vancouver, Canada (11.8 times).

Wong Chuk Hang Station Site Drew 39 Expressions
MTR Corporation has received 39 expressions of interest by developers bidding for a plot of MTR Corp land next to Wong Chuk Hang station. The site, which could potentially accommodate 800 flats totaling 576,950 square feet, is valued at HK$8 billion to HK$9.8 billion, or HK$14,000 to HK$17,000 per square foot. The site drew attention from both local and Chinese developers, including HNA Groups, which won two Kai Tak residential sites with very high price last year.

7,300 First Hand Units Available After New Year
Lunar New Year is approaching while several developers are ready to put over 7,300 units into the first hand market. Sun Hung Kai will launch Cullinan West in Nam Cheong Station, Victoria Harbour in North Point and Babington Hill in Mid-levels West soonest in March or April. After the festival, Chinachem Group will be launching its Tsuen Wan Parc City and Yuen Long South project , while New World Development will launch 4 projects including Yuen Long Park Villa, of which the sales brochure has been uploaded. Meanwhile, Cheung Kong said it will upload the sales brochure of Yuen Long Crescendo very soon and plans to open show flats and launch sales after Chinese New Year.

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