Low-priced attracted purchasing power. Buyers line up in the cold wind.
Hong Kong Wen Wei Po (By Liang Yueqin)
Sino-US trade war truce and Hong Kong stocks is stabilized. GRAND CENTRAL phase 1 in Kwun Tong, developed by Sino and Urban Renewal Authority (URA), put on sale the first batch of 488 units in a discounted sq ft price of HKD 17,300, lower than the market price, driving the purchasing power to be released. The applications were about 7,758 cases on 6th. The first batch of 488 units were sold out in just 9 hours. Over HKD 5.7 billion was took in. It is the new project which has the best performance in 9 months. According to market source, there are two groups of great customers who had respectively spent nearly HKD 40 million to purchase two units of room A in block 1 (four-bedrooms suites). Developers accelerated the pace of launching. Last night, they immediately additional launched 280 units in slightly mark up of 2%. At the same time, they uploaded the brochure of GRAND CENTRAL phase 2.
Yesterday morning at 9:30 am, GRAND CENTRAL put on sale the first batch of 488 units in the Tsim Sha Tsui Centre, including one to four rooms units in discounted sale price from HKD 7.33 million. In order to channel the flow of people, developer set up an iron access outside the Empire Center to let potential buyers queue up for admission. Many potential buyers regardless of the cold weather and waited outside the Empire Center in the morning. In the afternoon, there were groups of potential buyers arrived and line up long to the near park.
Huang Yongguang: The price is attractive; Take it as a Christmas present.
He was very happy GRAND CENTRAL was in good sale, which had collected more than 7,700 applications for the first batch, and described the price of GRAND CENTRAL was attractive to the buyer, taking this as a gift to buyer for Christmas. Only two units can be purchased this time, and about 50% of buyers were interested in buying two-bedrooms units, Huang Yongguang, Vice Chairman of Sino, said earlier.
The attendance rate of their company was about 70%, and users were 70%, half of among want to change their flats, the Vice Chairman of Asia Pacific and President of Residential Department of Centaline, Chen Yongjie expressed. Kwun Tong is well-developed. Although GRAND CENTRAL’s sale price was not low, most of which exceeded HKD10 million in average, however, the rigid demand in the region is strong, and developers are also trying to gain a certain amount by low price, he believed. The recent Sino-US trade war had shown signs of relief. The property market appeared situation of price down transaction up, and it was also good sign that there were one or two transactions each day in first hand property stock market, reflecting Hong Kong people have capability to buy house, so it is believed developers can still sell out after mark up of 3-5%, he believed.
The customer attendance rate was about 80%, which is higher than of the new projects in the past few months, Chief Executive of Residential Department of Midland, Bu Shaoming expressed. Among them, Kowloon potential customers accounted for 60%, users accounted for 70%, and investors also had 30%, reflecting investors are back to the market again, and there were even large customer spending about HKD39.66 million to buy two four-bedrooms units. The rent can reach HKD55 and the return can reach 3.5 - 4% after occupation of GRAND CENTRAL in expectation.
Brochure of phase 2 was uploaded and 280 units were additional launched by mark up of 2% .
Developers accelerated the pace of launching. Last night, they immediately additional launched 280 units in slightly mark up of 2%. At the same time, they uploaded the brochure of GRAND CENTRAL phase 2. GRAND CENTRAL Phase 2 has a total of 974 units, including layouts from one to three rooms, in areas from 333 sq ft to 962 sq ft, and mainly are two and three-bedrooms units accounting for 79%, besides there are another 28 units in feature, areas of which are from 391 sq ft to 1,502 sq ft.
More and more transactions appeared among luxury new projects. Sun Hung Kai’s ULTIMA in Ho Man Tin sold 2 units in the form of tenders, including room C in 30th and 31st floor of block 8, which are duplex units connecting with private swimming poor and feature massage pool, in usable area of 2,689 sq ft, and the transaction price were up to HKD 174.785 million, with sq ft price in HKD 65,000. The amount and price were believed to be the highest record among floor units of the project. Sun Hung Kai's Victoria Harbour sold the Room B, 15th floor, block 5A in HKD 16.571 million, the usable area of which is 378 sq ft, and it is in layout of one room, the sq ft price was HKD43,839. The developer has raised the selling price of the relevant unit by about 3.5%.
La Vetta in Sha Tin developed by Wing Tai and other developers sold one A7 villa in HKD 86 million, which is in layout of four rooms four suites in usable area of 3,064 sq ft, and it also has 450 sq ft garden joining with swimming pool and a rooftop in 637 sq ft.