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Hong Kong Property Market - Yr.2019 Sep: Average price per sq feet $10847 11.34%   (last month:$12235)
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GRAND CENTRAL Enjoys Successful Sales During Christmas; 338 Units Are Nearly Sold Out; Phase 2 Immediately Launches Price List of 108 Units with Mark Up 3% at the Most.

Image Caption
Hong Kong Wen Wei Po (By Yan Lunle)

The performance of the first-hand property market in Hong Kong before the Christmas holiday is well. The GRAND CENTRAL phase 2 in Kwun Tong Kaihui, which was jointly developed by Sino, World Asset Development and the URA, put on sale the first batch of 338 units yesterday, 99% of which and more than 334 units were still sold belonging to ideal condition although it was not as good as in phase 1 that all being sold out. Developers immediately additional launched the third price list of phase 2 yesterday, and pointed there was mark up by about 1% to 3%. The new price list involves 108 units, in discounted average sq ft price of HKD 19,838.

The latest price list from Kwun Tong GRAND CENTRAL Phase 2 involves 108 units, all of which are standard units in layouts of one to three rooms units. One room are 31 units, two rooms are 44 units and three rooms are 33 units. The prices are from HKD8.407 million to HKD 2.4455 million, in discounted sq ft prices about HKD 22,499 to HKD 27,476, and the average sq ft price is about HKD 24,953. The discounted prices are HKD 6,683,500 to HKD19,441,700 , in discounted sq ft price from HKD17,887 to HKD 21,843, and the discounted average sq ft price is about HKD19,838, after calculating the maximum discount of about 20.5%. The average sq ft price is 4.5% higher comparing to which was about HKD18,988 in last price list.

Artist Hong Yongcheng entered the market by HKD10.57 million

GRAND CENTRAL phase 2 put on sale the first batch of 338 units yesterday. It had received 3,300 applicants before, nearly 8.8 times exceeding the quota. Reporters arrived at the sales department in Tsim Sha Tsui Central at 9 am yesterdayand found large amount potential buyers had already queued up to register, among including the artist Hong Yongcheng, although it was raining. Hong Yongcheng successfully purchased the unit M in middle-floor of block 3 by about HKD10.57 million and chose immediately mortgage payment in 180 days, source disclosed.

The largest sales was three members in one family bought 6 units in total.

There were two price lists for these 338 units in GRAND CENTRAL phase 2, the first among involved 208 units in discounted average sq ft price of HKD18,008, and the second price list involved 130 units in discounted average sq ft price of HKD18,988. The project sold nearly 99% of the units, involving 334 units, market participants pointed. The sales is satisfied, and it is believed that the demand for residential projects near the subway is high, also buyers are confident about the prospects of the property market, the Vice Chairman of Sino, Huang Yongguang expressed.

80% of the buyers of GRAND CENTRAL Phase 2 are users, and at least five groups of buyers bought two units, also there were buyers purchased two three rooms units, the Associate Director of Sales Department of Sino, Tian Zhaoyuan expressed. One family customers have repeatedly purchased units in three sales, which used three member names to buy 6 units, becoming the biggest transaction at present. 352 cases of first hand property transaction were registered in the past two days driving by the sales in GRAND CENTRAL, among them,transactions from GRAND CENTRAL phase 2 accounted for nearly 95%, while in the rest of the new projects there were only a few transactions.

Although GRAND CENTRAL has arrived to the third launch yesterday, but potential buyers attendance rate was still high to 80%, the Chief Executive of Residential Department of Midland, Bu Shaoming expressed. Many investors were attracted. Among the customers from their company yesterday, the proportion of users accounted for about 65%, which was slightly lower than before. Relatively speaking, the proportion of investors was slightly higher than the previous one, accounting for about 35%. Under the effect from new project sales, the first hand property transactions in this month will up to 1,600 cases, obviously rising comparing to about 400 cases in last month; while the second hand property transactions will be about 2,000 cases, he estimated.

Taking in HKD14.7 billion, the most after the implement of the (First-hand Sales) Ordinance.

At present, GRAND CENTRAL has sold 1,205 units, including 871 units from phase 1 and more than 334 units in the first batch of phase 2 sold yesterday, accounting for 60% of total 6,999 units of the project. The project has put on sale for 11 days and taken in HKD 14.7 billion so far, breaking the market record after the implement of the (First-hand Sales) Ordinance. The customer attendance of their company was about 70%, most of which were users, and many among are buyers who had purchased in the front two sales, the Director in Kowloon District of Centaline, Liu Yinglin expressed.
Translated by 28Hse.com . All right reserved.