Check out Cheung Kong's new 402-unit project in Tsuen Wan

The Rise is just waiting for it to be launched.

According to Maybank Kim Eng, The Rise (402-unit in Tsuen Wan), developed by Cheung Kong, may become the first project to be launched after the new Residential Properties (First-hand Sales) Ordinance to become effective on 29th April. 

The project comprises of 234, 156 and 12 two-bedroom, three-bedroom and specialty units, respectively. The management expects that the ASP of the first batch of the project may have a 3-4% discount to secondary estates in the same district, which has a current ASP range of HKD8,300-10,200 psf of GFA.

Here's more from Maybank Kim Eng:

Presale consent is expected to be granted in end-April and the project is target to launch in May. Separately, two urban single block projects High Place and High Point developed by Henderson Land (12) have offered price discounts of 9.5-13.5% yesterday, in terms of furniture allowance and rebate of Stamp Duty.

Developers remained cautious over the last month in terms of pricing and new project launches. Under the new Ordinance, sellers are not allowed to express intention price before official announcement of price list.

We expect that the launch pipeline will inevitable be affected in 2Q13A as the market will need time to evaluate the impact of the Ordinance.