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Hong Kong Property Market - Yr.2018 Dec: Average price per sq feet $10560 6.97%   (last month:$11351)
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Shi Yongqing: First-hand Pricing Should Be 15% Off.

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2018-11-23-(Fri)
【28Hse.com】  
8 projects including 2000 units are pending for sale in December.

Hong Kong Wen Wei Po (Reporter Liang Yueqin)

During the viewing on whether the “President Xi & Trump Meeting” may cool down the Sino-US trade war, major developers will actively launch property before the end of the year. It is estimated that there will be at least 8 new projects in December, providing about 2,000 units. Shi Yongqing, the Chairman of the Central Plains Group expressed when attended the public meeting yesterday, In order to attract buyers to the market, the price of first-hand property should be 15% off base on the top price in this year. It is also expected that the developers will continue to offer different discounts in the future.

New projects that will be planed to put on sale include tiny units and luxury units. Lu Wende, the Project Planning Director of the Yuman project of the Luhua Family Group said, Project in Tai Nan Street of Cheung Sha Wan was named AVA 228, providing 160 units, with unit areas from ​​more than 100 square feet and above, 70% among which are open styles. It is scheduled to put on sale in December, while sample unit will be open in short term. Bu Shaoming, the Residential Department Chief Executive of the exclusive agency Midland , estimates the sq ft rent of this project can reach HKD60.

Tiny units in about 100 sq ft come into the market .

Another tiny unit project is TPLUS in Tuen Mun owned by Deng Chengbo family. The most tiny unit is only 128 square feet. It is expected the price will be shocked.

Putney Hill project call for tenders.

For luxury properties, the general manager of Da Yin Real Estate, Zhu Weixiong said, the sales brochure of Putney Hill project in tai po road Cheung Sha Wan will be uploaded next month as soon as possible. It is planned to put on sale at ready flat and will arrange interested buyers to visit next month. He expressed, the sales arrangement time will be decided depending on the buyer and the market reaction. As the project has many special units, the price will refer to the special units in Kowloon Tong and Ho Man Tin.
Putney Hill project has three blocks, providing 35 units in layouts from one room to four rooms, and the areas are from 1,352 square feet to 2,496 square feet. He expressed, it is planed to sell the first and the third block first, both of which are one floor one unit. He believes, the project is dominated by large units. The market transactions in Kowloon Mid-Levels have been “up and down”. Coupled with many well-known individuals and guests asking about the project, it is believed that the current market conditions have less impact on project sales.

As for luxury projects planning to be sold next month, there are also Yuelu in Sai Kung and Manor Parc in Yuen Long. GRAND CENTRAL Phase I in Kwun Tong development lead by Sino, is expected to be approved for pre-sale consent in the short term and is expected to be launched in December.

Esplanade increase privileges before the sale.

On the other side, CHUANG'S CHINA’s Esplanade in Tuen Mun will increase privileges before the second sale on this Saturday. First three buyers purchasing open style, one room style or two rooms style through Central Plains or Midland will gain furniture privileges value at HKD 38,000 to HKD 128,000.

Zhuang Jiabin, Investment Managing Director of CHUANG'S CHINA said, Esplanade has no intention to provide long-term discounts and other discounts to attract customers temporarily. He also referred 14 units prices of which had provided will change sales way into bidding, because they want to gain higher price seeing these units are in high quality. He pointed out that this unit has sold 86 units and cashed in about HKD 350 million yuan, accounting for about 25% of the total number of units.

For other new projects, Wheelock Properties Managing Director Wong Kwong Yiu pointed, since the launch of the 1,088-days payment plan, Tseung Kwan O MONTEREY has sold 18 units in the past two weeks, with an average transaction sq ft price of HKD 21,215 and a cash-out of about HKD 230 million. The remaining tiered units will be additional launched subject to sales and the 22 houses will be reserved for tenders next year.

Wong Kwong Yiu expected price will rise steadily next year.

He also predicted that there will still be a steady increase in the property market next year, but the increase is not as fast as of this year.

Wang Meifeng, Managing Director of the Central Plains Mortgage Brokerage, pointed out that MONTEREY provides two mortgage schemes for the buyers, for example a unit in price of HKD 8.33 million can make a mortgage rate reached 80% of the property price, and the full-term interest rate was low to P minus 2.75% (P It is now 5.375%), and the other plan is a full-time interest rate as low as H plus 1.24% and a cash rebate of up to 2%.

Regarding the current market conditions, Shi Yongqing pointed out that recent developers have come up with different schemes to attract customers. The sales of first-hand real estates are still not good. It is believed that the developers' estimates of the market are different from those of buyers. He estimated that developers should make concessions to buyers. It is expected that developers will offer different concessions in the future. It also means that the competitiveness of first-hand market is weaker than that of second-hand markets. In order to attract buyers to the market, the price of first-hand property should be 15% off this year.
Translated by 28Hse.com . All right reserved.