HONG KONG | Tseung Kwan O Lohas Park Development

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By 鄧麗欣之戀 from skyscrapers.cn :

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First posted by hkth at SSC

MTR Press Release:
New LOHAS Park Station on Tseung Kwan O Line Ready for Opening Soon

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8/30

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Source : http://www.fotop.net/pennysuen/

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By fatshe from skyscrapers.cn :

6/20

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Tseung Kwan O flat buyers in limbo
Bad weather blamed for delays in moving in
31 July 2010
South China Morning Post

Yip Chi-shing and his wife were supposed to move into their newly purchased apartment in Tseung Kwan O at the end of June. Ten days before they were due to move, a letter from the MTR Corporation's lawyers arrived, telling them they would have to wait another month to move in, owing to "inclement weather".

Their new moving date, July 30, has come and gone. Today they are living in limbo, with no idea when they will be able to live in the home for which they paid more than HK$4 million.

While waiting to find out, they are making a HK$10,000 mortgage payment for their new flat and paying HK$5,000 rent for their old one each month.

The Yips are one of more than 1,400 households in the same situation, having all bought properties at Le Prestige, the second phase of a development at LOHAS Park. It is a joint project of Cheung Kong (Holdings), the MTR Corporation and Nan Fung Development.

Yesterday, Sai Kung district councillor Christine Fong Kwok-shan, who has received over 200 complaints regarding the issue, led 10 of the residents to the Consumer Council to voice their dissatisfaction. Yip and his wife asked how bad weather had slowed the project, and how the time frame for the delay had been calculated.

"They don't have any further explanation," Yip said.

Yip has called Cheung Kong (Holdings) every day for the last month but has not received any indication of when the couple can move into their flat.

Some buyers have resorted to staying at hotels, while others have moved in with relatives.

Cheung Kong refused to answer questions about how exactly "inclement weather" had affected the date the apartments would be available, when exactly the homeowners would be given the keys and what compensation would be offered.

"The Lands Department today officially approved the ownership transfer agreement and our company will make arrangements with the owners concerning the handover matters as soon as possible," read a statement issued by Wendy Tong Barnes, chief corporate affairs officer of Cheung Kong.

The sale and purchase agreement - the legal document stipulating the terms of the transaction - states that notification of any delays must be made 14 days in advance. The letter to the Yips informing them of the delay was received only 10 days in advance of their June 30 moving date but was dated June 16, placing it within the required period.

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Source : http://www.fotop.net/jacksklam

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Another phase @ LOHAS Park :

Developers in Tseung Kwan O race
The Standard
Friday, September 23, 2011

Cheung Kong (0001) will finally start selling flats at its highly-anticipated project La Splendeur - located at Lohas Park, Tseung Kwan O - from today.

The first batch of 852 flats to be actually put on the market - sized between 800 and 960 square feet -will cost an average HK$5,755 per sq ft and buyers will be limited to two flats each, the developer said.

The remaining 315 units may be put on sale as early as tomorrow.

"The strategic delay of sale launches may be used [more often] now," said Eddie Hui Chi-man, deputy director of the Research Centre for Construction and Real Estate Economics, at Hong Kong Polytechnic University.

"Developers were concerned that equity market slump may affect the response of potential buyers," Hui said, adding that it is hard to gauge whether yesterday's announcement meant the developer has a positive or a negative view of the property market.

Meanwhile, Sun Hung Kai Properties (0016) said Bank of China (Hong Kong) (2388) will be offering buyers of units at its The Wings project mortgage rates of prime minus 2.7 percent.

Bank of China (Hong Kong) has a prime rate of 5 percent.

Sun Hung Kai Real Estate Agency executive director Victor Lui Ting said 3,000 buyers have so far shown interest in units at The Wings. Of these, 30 percent are from the mainland.

Sale of flats at the 1,028-unit scheme - located atop Tseung Kwan O MTR station - is likely to start next month.

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11/27

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Property agency tie-up looms for developers
The Standard Excerpt
Monday, September 19, 2011



Developers may soon be required to appoint property agencies to sell new projects and disclose related information to potential buyers, a source told Sing Tao Daily, sister paper of The Standard.

Under the move to better protect buyers, developers will have to name their appointed agents in sales brochures, while the agencies concerned must use only the promotional materials provided by the builders.

The Transport and Housing Bureau's steering committee on regulating primary-market sales by law "found property agencies sometimes release inaccurate sales information," the source said.

"Developers often deny having appointed the agencies and distance themselves from them." The committee will soon present its recommendations to the bureau, the source added.

But Property Agencies Association chairman Kwok Tak-leung said the suggested system may hurt small and medium agencies, as developers will be inclined to appoint only larger players. Meanwhile, Cheung Kong (0001) notched up over 1,000 reservations at La Splendeur, its latest project at Lohas Park in Tseung Kwan O.

The 462 flats introduced so far are sized from 804 to 1,333 square feet, priced at HK$5,978 per sq ft on average. Sales will likely open by mid-week, market sources said.

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La Splendeur - See the scaffolding between the buildings?


Untitled by Simon - hibernating, on Flickr