2024-05-08 28Hse Editor
Cheaper than phase opening prices by 5 per cent
On the eve of the budget announcement, large new homes continued to open low as the flat sale battle continues. Sun Hung Kai Properties’ (SHKP) NOVO LAND Phase 2B in Tuen Mun announced its first price list of 146 units at a discounted average price of HK$13,288 per square foot, which is about 5 per cent lower than the first batch of discounted average price per square foot in Phase 1B in August last year, and similar to the first batch of Phase 1A in mid-July last year, with a discounted price of HK$4.255 million for a one-bedroom unit of 305 square feet.
The developer increased the number of incentives, including the provision of HK$1,000 to HK$5,000 cash rebate to the first phase of the registered buyers or their close relatives, while extending the furniture incentives to three-bedroom households (can choose HK$10,000 discount instead), and provide mortgage interest subsidies. The property was opened to the public yesterday at 5pm and tickets collection will start this Friday, meaning that the sale of KOKO ROSSO will begin next week at the earliest. reporter Leung Yueqin
Victor Lui Ting, SHKP deputy managing director, described the first price list of NOVO LAND Phase 2B as good news for the Northern Metropolis housing market. The pricing is determined according to the project's own conditions and the supply in the same district, about 10 per cent lower than the price of nearby second-hand properties. The previous boom in the second-hand market is expected to continue. He also pointed out that the first-hand and second-hand markets, as well as luxury residential transactions, have recently been active, boosting confidence in the property market.
The first price list of 146 units provides a second mortgage
According to Chan Han-lin, General Manager of SHKP, the first batch of the project includes 5 one-bedroom units, 99 two-bedroom units and 42 three-bedroom units with an area of 305 to 703 square feet, less a maximum 15 per cent discount, at a discounted price of HK$4.255 million to HK$9.473 million, with a discounted average price of HK$13,288 per square foot.
Among them, 444 square feet of two-bedroom apartments are discounted at HK$5.7426 million while 671 square feet of three-bedroom apartments are discounted at HK$8.8476 million. In addition to the Cash Payment Plan, the developer is offering a 3 per cent discount on the Genius and Upgrader Flexible Payment Plan, but the developer will pay 9 per cent stamp duty on behalf of the buyers.
In order to alleviate buyers’ concerns that interest rates may rise again, the developer now provides buyers with Mortgage Interest Protection. During the first three years of bank mortgage loans, if the actual interest rate is higher than the first installment interest rate or 3.375 per cent, whichever is higher, the difference in interest rate will be subsidized by the developer, capped at 1 per cent of the total property price.
The Gradual Instalment Scheme offered to studio units in Phase 1 will now also be provided to one-bedroom buyers in Phase 2B. The project will also continue to offer a cash rebate of HK$5,000 to buyers living in Tuen Mun, buyers of properties in New Territories completed in 1990 or later, and those living in Shenzhen; buyers who get married, plan to get married or have children born between January 1 last year and December 31 next year will receive a cash rebate of HK$5,000; buyers or their close relatives who purchase 2 or more units in the current phase will receive a cash rebate of 1 per cent of the purchase price.
Chen also pointed out that the developer will provide first and second mortgages, of which the second mortgage provides the first 3 years of fixed interest plans. If the loan amount does not exceed 20% per cent of the net property price, the interest rates for the first 3 years will be 1.5, 2, and 2.5 per cent respectively. For loan amounts that do not exceed 30 per cent of the net property price, interest rates are 1.75, 2.25, and 2.75 per cent respectively.
Sammy Po Siu-ming, CEO of Midland’s residential division for Hong Kong and Macau, said that the opening prices for the first batch of NOVO LAND Phase 2B are attractive, set at about 10 per cent lower than the second-hand property prices in the same district. The project is expected to receive more than 20,000 votes, of which investors are expected to account for more than 30 per cent.
Louis Chan Wing-kit: Low opening prices show developers’ determination to sell flats
Louis Chan Wing-kit, Vice Chairman and Chief Executive Officer (Residential) of Centaline’s Asia Pacific Department, pointed out that according to the bank’s property market data, the average price per square foot of second-hand properties in Tuen Mun District fell by about 2.9 per cent last year. Hong Kong’s flat sale battle will inevitably absorb a large amount of purchasing power, freezing the second-hand market in the region and even the Northwest New Territories secondary market.
KOKO ROSSO receives nearly 30 times more tickets
On the other hand, Wheelock Properties’ KOKO ROSSO in Lam Tin continues to be in hot demand, with 4,500 votes received as of 6pm last night. With 148 votes in the first round of sales this Friday, the new property was 29.4 times over-registered.
The Quinn Square Mile sells 20 units on Saturday
As for Henderson Land's General Manager of Sales (II) Department, Mr. Alan Hon said, Mongkok Leo Place-One Corner will sell 20 units this Saturday, including open-plan to two-bedroom units, with sizes ranging from 208 to 447 square feet, at a discounted price of HK$5.4169 million to $9.5805 million, at a discounted price of HK$20,997 to HK$26,578 per square foot.
In terms of new property transactions, Kerry Properties' Mont Rouge at Beacon Hill sold a 1,743-square-foot, 1-floor, A-room, split-level mansion in Block 2 by tender yesterday, together with a parking space and interior furniture, for HK$70.3 million at HK$40,333 per square foot.
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