Developed by Wang On PPT (01243.HK), the commercial and residential project '101 KINGS ROAD' located on King's Road in North Point announced its first price list today (12th), involving 51 units, with an average practical price of about 20,800 yuan per square foot, setting a new 10-year low stock price for the North Point area.

Bao Shaoming, the Executive Director of the Residential Department of Midland Realty, stated that the above-mentioned project is located in the urban area of Hong Kong Island, close to the MTR station, with diversified unit types. Coupled with the ideal rental demand in the area, the project is expected to achieve a rental return of 4.5 to 5 percent upon completion, attracting many end-users and investors. It is believed that investors will account for about 40% of the buyers.

Bao Shaoming expects that with the pricing of the first batch of units, the project will be sought after by market professionals, with an ideal sales situation. The first batch is expected to be sold out on the same day, with room for price increases and promotion. He also pointed out that due to the continuous strong demand for new properties in the market and the release of purchasing power due to interest rate cuts, it is expected that there will be around 1,500 transactions in November for new properties, depending on the pace of developers' new launches. The second-hand property market is still promising, and there is a possibility of price increases in the fourth quarter. (js/w)

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