Hong Kong Wen Wei Po (By Liang Yueqin)
Hong Kong people are crazy on housing. Before the US FOMC (Federal Open Market Committee), GRAND CENTRAL phase 1 in Kwun Tong developed by Sino, World Asset Development and URA, put on sale the second batch of 383 units at 9:30 am yesterday, and the sales was still good. All units were sold out in about six hours until 4:00 pm yesterday, more than HKD 4.9 billion was took in, and even there were a 98 years old lady and a 92 years old man became buyers, while the lady will above 100 years old when the project will be finished in March 2021, source pointed. The developers took advantage of good sales and launched the first batch of 208 units in GRAND CENTRAL phase 2 last night, in average discounted average sq ft price of HKD18,008.
GRAND CENTRAL phase 1 put on sale the second batch of 383 units yesterday, with mark up by 2% to discounted average sq ft price from HKD 18,000 to HKD 19,000 , collecting more than 5,000 applications, but it was still 25% lower than the price of the new projects in East Kowloon and Kai Tak. The developer prepared guard bar in front of Tsim Sha Tsui Centre and Empire Centre to avoid crowds yesterday morning. At 9 o'clock, there was a queue of people waiting to enter the scene. The project was subsequently being put on sale at 9:30, and all had been sold out until 4:00 yesterday, source pointed. .
GRAND CENTRAL took in more than HKD10.6 billion within 6 days.
Together with more than HKD 5.7 billion from the sales of 488 units in the first batch last Thursday, GRAND CENTRAL phase 1 had sold 871 units in just 6 days, taking in over HKD 10.6 billion, becoming a large project which has the fastest sales taking in more than ten billion yuan after the implementation of the First Hand Residential Property Sales Ordinance (the Ordinance) in April 2013.
268 units among 383 units which are the second batch of GRAND CENTRAL phase 1 had been sold in the first four hours after being put on sale yesterday. And buyers’ age is very wide. One 98 years old lady bought one unit in layout of three rooms by about HKD 15 million, besides there was also a 92 years old man became the buyer, and there were also many young first-housing customers. The largest buyer spent about HKD 40 million to buy two units in layout of three rooms, the Co-Director of Sales Department of Sino, Tian Zhaoyuan expressed.
This 98 years old lady is now living in the Kowloon District, who and her family member respectively had took the front draw lot number, and she spent about HKD15 million to purchase a 3-bedrooms unit in the name of the first-housing customer for investment use, while mortgage or not is not decided yet, source pointed. Her family member also spent about HKD 11 million to buy a two-bedrooms and a half unit for investment yesterday, source pointed.
Mortgage needs guarantee by relatives.
Will a 98 years old lady be successful to apply for mortgage from bank? Currently, mortgage calculating normally base on a term that applicant age plus to payment term is less than 70 years or 80 years, therefore, the elderly can apply for it, but certainly it will not approved, the Managing Director of Centaline Mortgage Broker, Wang Meifeng explained. If the old lady has guarantee from relatives and friends, whose income and age can meet the regulatory requirements, then they can apply for a mortgage loan, and the terms will not be particularly strict, she pointed.
In addition, developer suddenly launched the first batch of 208 units of GRAND CENTRAL phase 2 last night, which are low level units in block 3 and 5 in areas from 380 sq ft to 945 sq ft with average sq ft price in HKD 22,651, and the highest discount maintained in 20.5% leading discounted average sq ft price in HKD 18,008, 3.6% higher than the discounted average sq ft price in the first batch price list of phase 1, but the prices are still lower than the market level. Due to the relatively small size of the one-bedroom unit in this batch, the discounted lowest cost is attractive. One 380 sq ft unit is priced in HKD 6,821,800.
In other new projects, Billion Development’s The Horizon in Pak Shek Kok, Tai Po sold 9 units in the form of tenders yesterday, a project which has sold about 120 units so far.