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Altissimo Sold 18 Units On The First Day Without Big Potential Buyer’s Presence.

Image Caption
Featured unit transaction sq ft price is HKD19,000, lower 24% than that in the same area.

Hong Kong Wen Wei Po (Reporter Liang Yueqin)

Altissimo in Ma On Shan developed by Country Garden, Wang On and CHINA Construction put on sale their first batch of 100 units, collecting more than 300 applications. Bidding for another 10 feature units on ground including garden were closed on the same day. Although the developers had already increased long-term payment and other payment privileges before sales, but it was still poor. Source pointed, only 18 units were sold on the first day with the sales rate was only 16.4%%. Among them, 2 ground feature units with garden sold by bidding, at transaction sq ft price both HKD 19,000, which was 24% lower comparing to the sq ft price of ground feature unit in Sun Hung Kai’ St Barths in same district this year at HKD 25,000.

Altissimo in Ma On Shan put on sale the first batch of 110 units last night, 100 units of which were put on sale by draw lots. Big potential buyer in Group A might registered at 6:30 pm, while individual potential buyer in Group B might registered at 7:15 pm. It is reported that there were no big potential buyer arrived last night, while only about 18 customers in Group B were present. As for the 10 ground feature units including garden of which the bidding was closed yesterday, source indicated, 2 were sold, and the sq ft price also was HKD 19,000, among room B of block 2 in usable area of 442 sq ft joining with 440 sq ft garden and in layout of two rooms with open style kitchen was sold at HKD 8.398 million, at a sq ft price of HKD 19,000.

According to the data, 110 units were launched in the first price list, including one to three-bedrooms layouts, and the discounted average sq ft price was HKD 16,497 after deducting the maximum discount of 14%, plus the discounted price were from HKD4.988 million to HKD16.66 million with discounted sq ft price from HKD13,888 to HKD20,140.
Bu Shaoming, chief executive of Midland Real Estate said, according to customer statistics in their company, the proportion of young buyers is nearly half, and the users are nearly 80%. He said, recent new projects are mainly sold to users, base on the statistics of Midland customers, nearly 80% of the buyers of Altissimo are users, the rest are investors; the proportion of young buyers is about half, and 1 to 2 bedrooms units in the small cost are more popular. By region, customers in the New Territories account take nearly 70%, while those in Kowloon and Hong Kong Island take about 30%. He predicted, after the project is occupied, the usable area sq ft rent can reach to nearly HKD50 yuan, and the return on investment is about 3%.

Buyers wait and see. First hand transaction may sharply down.

He said, Hong Kong property market continued to be effected by the wait-and-see atmosphere. The publics’ intention to enter the market was cautious. It is expected that there will be about 400 first hand property transactions in November, a significant drop from last month. The second-hand market is expected to continue decline, and there will be nearly 1,700 transactions in the whole month by prediction.
As for Seanorama which is ready developed by Cheung Kong in the same district, it launched a design named “Style 4 you” for the home design and furniture privilege for some units. The first five buyers who purchased the designated units from this Friday, each can received Indigo home design and furniture value at HKD 290,000.

In respect of transactions from other new projects, Sun Hung Kai’s TWELVE PEAKS in the Peak, sold the No. 10 house in the form of bidding. According to first-hand transaction register data, this No.10 house was sold at HKD 458 million, which the usable area is 3,744 square meters, joining with 1,859 square feet garden and 719 square feet of roof, and the sq ft price is HKD123,329.

ULTIMA sold 8 units by bidding and cashed out more than HKD 360 million.

Sun Hung Kai’s ULTIMA in Ho Man Tin sold 8 units in the form of tenders, and cashed out more than HKD360 million. These 8 units are all located in block 8. Among them, room D in 19th floor in usable area of 1,576 sq ft has the highest transaction price at HKD 68.287 million and the highest sq ft price at HKD 43,329; The remaining units are sold at between HKD 25.763 million and HKD54.516 million with sq ft prices from HKD 27,000 to HKD34,500.
Dayin property’s Putney Hill in Tai Po road, Cheung Sha Wan uploaded the brochure yesterday. It consists of three buildings and provides 35 units. The usable area are from 1,352 to 2,496 square feet, and the layouts are one to four rooms, three and four rooms among are mainly.
Translated by 28Hse.com . All right reserved.