SHK squeals launching of The Wings II in 2013

The 782-unit development will be released ASAP.

According to Maybank Kim Eng, the management of SHK Properties revealed to the press that The Wings II (Tseung Kwan O) will be launched in the first week of 2013 at the soonest, and the developer will publish the price list of the first batch of 4-bedroom units (average size of 1,200 sq ft) within this week.

Here's more from Maybank Kim Eng:

The first batch of the 4-block project with 782 units are expected to include 75 4-bedroom units with asking ASP of HKD15,000 psf of GFA and minimum price tag of HKD18m, respectively.

The management also indicated that proceeds of HKD10-20b were being received in 2HCY12A from sales of residential projects (mainly from Tuen Mun’s Century Gateway) and non-core properties, which were significantly lower than FY6/12A’s HKD38b. Yet, 5 new projects will be launched in first half of 2013 with an aggregate of 3,000 units.

The target ASP of HKD15,000 psf of GFA for 4-bedroom unit is at least 67-100% higher than adjacent secondary estates in the Tseung Kwan O MTR Station.

We believe that the developer will adopt similar marketing approach as Century Gateway, with higher-priced larger units (mostly 4-bedroom and 3-bedroom units with better view) to be launched first, and subsequently the lower price-tag smaller units.

We maintain our view that the pricing and launching pace of major projects by developers will be a key short-term driver of primary market sentiment.