2024-04-30 28Hse Editor
Hong Kong is back in full swing, with new developments in the Northern Metropolis vying for attention. The first price list of 68 units in Yuen Long Wang Yip Street West, which is owned by Star Properties and has been on the market for about 10 months, was announced yesterday at a discounted average price of HK$14,491 per square foot. Chan Man-fai, executive board chairman and chief executive at Star Properties, described the first batch of prices as "sunshine after the rain", with a reasonable opening price, a small discount compared to recent first-hand property transaction prices in the same area. Market response will be assessed before the developer decides whether to increase prices for launch. The flat viewings, showrooms, and ticket collection will be open to the public from 2pm today, with sales to commence within the month at earliest. Leung Yuet-kam
Liu Hon-wai, executive director and head of sales and marketing at Star Properties, said that the first price list of After the Rain includes 68 units, ranging from open-plan to 3-bedroom units with storage, with a saleable area of 276 to 717 square feet, priced from HK$4.21484 million to HK$12.186132 million. The project is priced at HK$14,243 to HK$17,379 per square foot, with a maximum discount of 6 per cent for cash or immediate mortgage plan A. Discounted prices range from HK$3.9587 million to HK$11.4549 million, at HK$13,388 to HK$16,336 per square foot. The entry unit is a flat H on the fifth floor with a saleable area of 276 square feet and is an open-plan flat at a discounted price of HK$3.9587 million and a discounted price of HK$14,343 per square foot. Three of the units are priced below HK$4 million and 64 units (94 per cent) are priced below HK$10 million. In addition, each unit receives a HK$10,000 cash voucher for Metro Workspace, Metropolitan Storage and Metropolitan Wine Cellar, as well as a set of wooden floorboards and metal grille cabinets with a faux wood roof cover for their air-conditioning platforms.
30 per cent of buyers are expected to be long-term investors
According to Sammy Po Siu-ming, CEO of Midland’s residential division for Hong Kong and Macau, the property market has continued to heat up after the full opening of cross-border travel between Hong Kong and the Mainland, and the Northern Metropolis in the New Territories has entered a full-speed development phase. Po added that the first batch of prices for After the Rain in Yuen Long has drawn buyers due to its close proximity to Long Ping Station. The project is also priced 15 per cent lower per square foot compared to nearby second-hand property Sol City. The project’s close proximity to large shopping malls also shows great potential for appreciation. The new concept of green and low-carbon living and sustainable development is likely to have great appeal for young customers, and the project is expected to attract long-term investors, apart from car users, who will account for about 30 per cent of the project. The rent per square foot will be around HK$50 in the future and the rate of return is expected to be over 3 per cent.
Louis Chan Wing-kit, vice chairman and chief executive (Residential) of Centaline’s Asia Pacific Department, said that during the post-epidemic recovery phase, developers have set more reasonable prices amid the flat sale battle, and the first price list of After the Rain is about 15 per cent lower than that of new developments in the same area. It is expected that this will attract long-term investors to buy to let.
NOVO LAND Phase 2B receives 9,957 votes
On the other hand, SHKP's NOVO LAND Phase 2B in Tuen Mun closed on Monday night with 171 units sold. 9,957 votes were collected (including 192 agents), oversubscribed by more than 57 times, of which group A (those who bought three-bedroom houses or 2 or more units) accounted for more than 20 per cent of the votes. A total of 50 units were available for purchase. SHKP General Manager Chan Han-lin said that the project’s third round of sales would be held on Sunday (Mar 12).
Bal Residence opens for sale on Saturday with 56 units
Bal Residence in Kwun Tong, a joint venture between Lai Sun Development and the Urban Renewal Authority, will hold its first sale of 56 units, all one-bedroom units with saleable areas ranging from 338 to 349 square feet, this Saturday at a discounted price of HK$5.8069 million to HK$7.7687 million after a maximum discount of 11.75 per cent, and a discounted price of HK$16,888 to HK$22,518 per square foot. The price per square foot ranges from HK$16,888 to HK$22,518. Lai Sun Senior Vice President of Development, Julian Poon Yui-man, said the property was fully sold out, with the majority of customers coming from families in the same district and about 10 per cent from foreign investors.
Kowloon Development’s Manor Hill in Tseung Kwan O will also be holding a sale of 26 units, all one-bedroom units with saleable areas ranging from 280 to 300 square feet, at a discounted price of HK$5.49646 million to HK$6.03075 million per square foot and from HK$19,354 to HK$20,882 per square foot, this Saturday.
Villa Lucca at Lo Fai Road, Tai Po, a joint venture between Hysan Development and HKR International, which was recently granted a Satisfaction Certificate, announced that it would arrange for buyers to purchase the property this month and put up 53 units for sale by tender on 11 March, including 34 standard units, 6 penthouse units with rooftops and 11 ground floor units with gardens, with saleable areas ranging from 1,028 to 2,745 square feet.
Information on the first price list after the rain in Yuen Long
Number of units: 68
Saleable area: 276 to 717 square feet
House type: Open-plan to 3-bedroom
Maximum discount: 6 per cent
Discounted price: HK$3.9587 million to HK$11.4549 million
Discounted price per square foot: HK$13,388 to HK$16,336
Discounted average price per square foot: HK$14,491
Other offers: HK$10,000 cash vouchers per unit for Metro Workspace, Metropolitan Storage and Metropolitan Wine Cellar; one set of wooden floorboards and metal lattice cabinets with faux wood covers for each unit’s air-conditioning platform.
Table: Leung Yuet-kam=
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