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US FOMC Will Be Held Soon; New Projects In East Kowloon Seize Every Minute On Property Sales.

Image Caption
GRAND CENTRAL will sell the second batch of 383 units next Tuesday. Downtown 38 is going to put on sale properties.

Hong Kong Wen Wei Po (By Liang Yueqin)

New projects in East Kowloon began fierce competition. GRAND CENTRAL in Kwun Tong, developed by Sino (Leading developer) and Urban Renewal Authority (URA), additional launched totally 383 units in the past two nights after the good sales of first batch of 488 units, and they will put on sale these 383 units on next Tuesday before the US Federal Open Market Committee(FOMC) . Another new project in East Kowloon also took the advantage of booming market to launch properties. Downtown 38 in Ma Tau Kok developed by Sun Hung Kai and URA will upload the sales brochure as soon as possible, and will publish prices next week at the soonest, while the sales will possible start around Christmas.

Since there were still many potential customers after all the first batch of 488 units were sold out on the day before yesterday, 280 units from GRAND CENTRAL were additional launched immediately in the night before yesterday in discounted average sq ft price of HKD 18,488, having a 25% discount comparing to the sq ft price of new project in Kai Tak this year, while price mark up 2% than that in the first batch because of different floor landscape, and all the additional launched units are in market value of HKD 4.37 billion, with discounted market value in HKD 3.5 billion, the Associate Director of Sales Department of Sino, Tian Zhaoyuan EXPRESSED. This project additional launched 103 units more last night.

Mark up is 2%; It is 25% cheaper than price in new project from Kai-tak.

The 383 units will be put on sale next Tuesday, including layouts from one to four rooms, he pointed. The unit has the cheapest sq ft price among these 280 units launched in the night before yesterday is room B, 7th floor in block 1, which is in usable area of 852 sq ft and in discounted price of HKD 13.8 million, with discounted sq ft price in HKD 16,200. Room M in 46th floor of block 2 has the highest sq ft price, which is in usable area of 880 sq ft and in discounted price of HKD 18.43 million, with discounted sq ft price in HKD 20,954.

Units in Downtown 38 will be put on sale around Christmas.

Downtown 38 in Ma Tau Kok will upload the sales brochure as soon as possible and have the opportunity to offer the price next week, which is expected to be put on sale before or after Christmas holidays, the Vice Managing Director of Sun Hung Kai, Lei Ting expressed. Project is in good sales proved that price in market level can attract buyers, and the rigid demand in the market is still sufficient, besides the Sino-US trade war is moderated, and the US interest rate hike is slowed down, also Hong Kong is still in a low interest environment, plus the new HOS potential customers are returning to the market, which all above are conducive to the housing atmosphere, so it is believed the sales of these two new projects will be ideal, he added.

One-bedroom units in Downtown 38 accounted for 70%, and the discounted prices of many units among the first batch will be less than HKD 6 million, which can provide 80% of mortgages, plus the design is advanced and practical, so it is believed many young talents will be attracted, Lei Ting reiterated.
Each floor in Downtown 38 has 11 units and 3 elevators, including 3 units in layout of two bedrooms from 377 sq ft to 414 sq ft of usable area and 8 units in layout of one bedroom from 300 sq ft to 309 sq ft of usable area, and among one room units some are designed in suite while standard units are designed using open kitchen, besides the green area of the project club is about 2,400 sq ft to 2,500 sq ft, while the key date will be in March 2020, the Proxy Assistant General Manager of Sun Hung Kai, Tang Jinjiang expressed.

Stanford Residences 294 units are expected to be soft sold in the short term.

The New World's Stanford Residences in Ma Tau Kok is still waiting for the pre-sale consents. If documents are obtained, they will be soft-sold in the near future. There are 294 units in the project, providing one-bedroom and two-bedrooms units, and one-bedroom units account for over 80%. Source pointed, the project base will have more than 20,000 sq ft of shopping malls.

Icon House from LaVetta will be launched by bidding next month as the soonest.

In addition, Icon House in Sha Tin had sold 15 units taking in more than HKD 930 million, and Le Cap the same series in same district had sold 17 units taking in more than HKD 100 million, the Executive Director and Sales and Marketing Director of Wing Tai, Zhong Zhilin expressed. The largest house in LaVetta, Icon House, will have the opportunity to be launched by bidding in January next year the fastest, and the transaction price is expected to hit a new high, he said. The house in usable area of ​​5,129 square feet has three floors with a roof and in layout of four rooms and four suites, private garage of which provides two parking spaces, and it also has a private garden in more than 3,000 square feet set with swimming pool. He pointed out that the design was made by the international team Yabu Pushelberg.

The group will sell two residential projects in Tuen Mun next year, supplying a total of about 500 units, The Carmel in Castle Peak Road among provides 178 units mainly in bungalows, which are expected to be launched in the first quarter of next year, and the other is So Kwun Wat project in the same district, he expressed. Looking ahead to the outlook of the property market, the sales of new projects in downtown was ideal, reflecting the market confidence and stabilizing the market, he believed. The property market falling back is a healthy situation, there had been many adjustments and warming up in the past few years, He also believed.
Translated by 28Hse.com . All right reserved.