Hong Kong Wen Wei Po (By Li Zhitian)
The hot sales of new project in Kwun Tong warms up the property market. There was also people purchased house during Christmas Holiday. One GRAND CENTRAL potential customer spent HKD 12.6 million to buy a middle-level three bedrooms unit including parking space in Tseung Kwan O Plaza at Christmas Eve, the price of which was about HKD 10.3 million after deducting the cost for parking space, 10% lower than the market level; At the same night, one inherited house in Mei Foo Sun Chuen in Lai Chi Kok was sold in HKD 8.3 million after four times of price cut, and the price was lower than market level also was 10% lower than some bank’s valuation.
SSD lock-up period expires; The original owner earned HKD2.1 million.
One transaction for room C in middle level of block 7 in Tseung Kwan O Plaza was recorded at the night of Christmas Eve, becoming the first transaction in the project this month, Lin Zhijian from Midland expressed. Its a three rooms suite joint with store room in usable area of 728 sq ft. The original owner put on sale it in HKD 14.8 million in July, while sold in HKD 12.6 million including parking space after accumulatively price cut of HKD 2.2 million or nearly 15% with usable area sq ft price in HKD 17,308, and there were many times of price reducing because he was eager to cash. The transaction price of the unit was HKD 10.3 million, with the usable area sq ft price in HKD 14,148, which was about 10% lower than market level after deducting the market value of parking space in about HKD 2.3 million.
It is known, the new buyer was GRAND CENTRAL potential customers, and the original owner earned book profit of HKD 2.1 million or 20 % after holding it for three years since August 2015, when he bought it by HKD 10.5 million including parking space, while the SSD lock-up period for it just expired.
Property price of unit in Mei Foo Sun Chuen was cut by four times and accumulatively of HKD 1 million before sales.
Mei Foo Sun Chuen in Lai Chi Kok sold one inherited house, which is room D in high level of Nassau Street No.19 of phase 6, with usable area in 651 sq ft, Lin Guanhong from Hong Kong Property disclosed. The unit was put on sale in early November in price of HKD 9.3 million, but finally was sold in HKD 8.3 million after four times of price cut, in usable area sq ft price of about HKD 12,750, which was about 5% lower than market level, while HSBC, Hang Seng Bank and Bank of China had preliminary estimated it in respectively HKD 9.26 million, HKD 8.96 million and HKD 8.87 million, showing that the transaction price was about 6.4% to 10.4% lower to the valuation. It is known, the original owner bought the above house in HKD 2.38 million in November 2007 and earned book profit of HKD 5.92 million after holding it for more than 11 years.
A lower level unit in Bisney Terrace was sold after price cut more than HKD 4 million.
In addition, on the contrary of hot sales in new project, sellers of the large-scale property in Hong Kong Island still need to reduce many times and more price to successful sell their houses. Recently the transaction of room D in low level of Bisney Terrace in Pok Fu Lam was recorded, which is a three bedrooms one suite unit in usable area of about 873 sq ft, Chen Hanbai from Ricacorp said.
The original owner put on sale it in HKD 18.5 million in early June, but repeatedly cut by total of about HKD 4.17 million to a final price of HKD 14.33 million in more than half year, with price cut at more than 20% and discounted sq ft price in about HKD 16,415.
The transaction price was close to the market level, referring to last transaction in May which was also low level unit being sold in about HKD 14 million, Chen Hanbai added. It is known, the original owner purchased the above unit by HKD 11.7 million in May 2013, and earned book profit of about HKD 2.63 million which was just only 20% after holdings it for 5 years.