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Hong Kong Property Market - Yr.2020 May: Average price per sq feet $11348 1.44%   (last month:$11187)
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Ultima Sq Ft Price Is HKD 17,300 Cheaper 30% Than in Kai Tak.

Image Caption
First batch includes 205 units; The lowest price is HKD 7.33 million; Supplies first mortgage and secondary mortgage.

Hong Kong Wen Wei Po (By Liang Yueqin)

Developers look for opportunities to launch projects and attract customers by low price when Sino-us trade war truce. Ultima phase I in Kwun Tong developed by Sino (who took the lead)and Urban Renewal Authority (URA), suddenly uploaded the first price list last night. There are 205 units at average discounted sq ft price of HKD 17,388, and it is 5% lower than second hand property sq ft price in same district, also it is even 30% lower than sq ft price HKD 23,000 from current new project in Kai Tak district, which is back to a pricing level of new project in Kai Tak in the beginning of last year. The lowest discounted price for one room unit in 452 sq ft is HKD 7.332 million, with discounted sq ft price of HKD 15,532 at the lowest.

Associate director of Sale Department of Sino, Tian Zhaoyuan expressed, Ultima received many inquiries, and potential buyers like it because it is located in downtown nearby Kwun Tong MTR station. He described “ The pricing is super

preferential!”. Since many companies are entering into East Kowloon district, so there will be a certain of demand on residential property in the district from users and investors. This project will open the sample unit for public today.

Tian Zhaoyuan: “ The pricing is super preferential!”

According to the price list, the first batch includes 205 units in usable areas from 452 sq ft to 862 sq ft, and the layouts include one rooms to three rooms, two rooms among are 140 units. In this batch, the sale prices are from HKD 9.223 million to HKD 19.997 million and the sq ft prices are from HKD 19,538to HKD 24,334, while the discounted prices are from HKD 7.332 million to HKD 15.9 million with discounted sq ft prices from HKD 15,533to HKD 19,345 after the highest discount in 20.5%. These 205 units are at market value of HKD 2.662 billion. Developer provides first mortgage in 80% the highest for 25 years the longest term, which is in mortgage rate of P-2.85% (P is 5.125%) for the first three years and in P for the third and the fourth year and in P+1.5% after; Also they will supply secondary mortgage in 30%.

The last new project in Kwun Tong was Park Metropolitan the same series in 2013. The first batch of it was 90 units at average sq ft price of HKD 12,368, while currently the second hand sq ft price is about HKD 18,400. For last new project in East Kowloon, it was One East Coast in Yau Tong developed by Kowloon Development in September this year, first batch of which included 130 units at average discounted sq ft price of HKD 19,913, the highest in Yau Tong.

Developer has always emphasized pricing of Ultima refer to new project in Kai Tak, and the four new projects in Kai Tak last year were priced higher than one another. For phase 2 of China Overseas’ ONE KAI TAK in last January, the average discounted sq ft price of the first batch was HKD 17,629, and then in last September, the discounted average sq ft price of the first batch of OASIS KAI TAK developed by Wheelock rose to HKD 20,225. In other words, the pricing of Ultima is close to the pricing of the new projects in Kai Tak in the beginning of last year.

Property market warms up and Ultima may have chance to be sold out.

Asia Pacific Vice Chairman and Residential Department President of Centaline, Chen Yongjie expressed, the discounted average sq ft price in the first price list of Ultima is HKD 17,388, 30% lower than the price of new projects in Kai Tak, which is really attractive. He pointed, there is sign of abating in Sino-us trade war, and property transaction in this month is better with a rising in second hand property transaction, also many users come out for house visiting, so it is believed there are enough purchasing power from users to support the market, besides Ultima may have chance to be sold out. It is predicted in the first half month the overall transaction number will rise while price will down, and in the rest of the month, property price may rebound.

Mount Pavilia sold 2 units in layout of four rooms by bidding.

In addition, Mount Pavilia in Clear Water Bay developed by New World Development additional launched 2 units in new decoration and layout of four rooms by bidding, the P1 in block D which was the first time be launched among is a triplex house including decoration and rooftop (1st to 3rd floor and also rooftop), which is in usable area of 2,614 sq ft and added a rooftop in 622 sq ft. As for the unit B in block 12 , it is garden feature unit including decoration on ground, the usable area of which is 1,730 sq ft, and the additional garden is 1,084 sq ft.

HKR INTERNATIONAL LIMITED added the price of unit B in gound G1 of MOUNT VIENNA in Sha Tin by 5.2%, the usable area of which is 2,460 sq ft, and the latest price is HKD 102 million with sq ft price at HKD 41,463.
Translated by 28Hse.com . All right reserved.