Commercial developer Great Eagle Holdings has launched Ontolo, its first residential project in 29 years (after Eaton Residence in Wan Chai in 1990), on 18 July 2019.
The developer is selling its flats at Pak Shek Kok for as little as HKD11,446 per square foot—the cheapest on the market in the upscale area near the Science Park, the South China Morning Post reports.
The average price of this first batch of 150 flats is HKD13,567 per square foot, compared with the nearby Centra Horizon, which was launched in April 2019 at HKD13,774 per square foot.
The low price tag is partly possible due to the record low price the developer bought the land for in 2014. At that time, the Hong Kong government was eager to offload land to increase housing supply, and Great Eagle won the tender for the waterfront site for HKD2.412 billion, or HKD3,300 per square feet—nearly half what nearby waterfront sites were sold for in 2007.
The Ontolo flats, measuring between 389 and 1,231 square feet, are priced between HKD5.53 million and HKD19.94 million, or HKD11,446 per square foot to HKD16,202 per square foot.
“The prices take into account transaction prices in the nearby area, and there is room for further price increases,” said Great Eagle executive director Alexander Lo, son of the firm’s chairman, Lo Ka-shui.
The total development, with 725 units, is scheduled to be completed in July 2020. — Construction+ Online