Hong Kong Wen Wei Po (By Yan Lunle)
Developers are very careful about pricing because property market continued to fall. Sol City in Yuen Long additional launched price list No.4 yesterday, involving 72 units in discounted average sq ft price of HKD 15,824, which was much the same to discounted average sq ft price of HKD 15,832 in the first price list launched in October, the Director of Sales Department of Chinachem Group, Wu Chongwu expressed yesterday. It was about 5% lower comparing with the previous price list, the discounted average sq ft price of which was HKD 16,640. The sales arrangement of the project will be published this week as soon as possible and the sales is planed to start this weekend.
72 units involved in the new price list are all located in block 2, including layout of one room having 46 units and 2 rooms having 46 units, the Senior Sales and Marketing Manager of Sales Department of Chinachem Group, Chen Mulan expressed. The prices are from HKD 5.71 million yuan to HKD 9.381 million and the sq ft prices are from HKD 17,162 to HKD 20,563, with the average sq ft price in HKD 18,616, and the total market value is close to HKD 570 million.
The lowest price is HKD 4.85 million for a unit in 323 sq ft.
Th payment method and discount offer are the same as the sales in the October, including discount plan for cash payment in 120 days which can reduce 10% of the price in list, and the "Special Offer" providing an additional 5% discount. The discounted prices are from HKD 4.8594 million to HKD 7.9738 million , in discounted sq ft prices from HKD14,588 to HKD 17,479, and the discounted average sq ft price is about HKD15,824, after calculating the maximum discount of about 15%. The lowest price is from room G in 3rd floor of block 2, which is in area of 323 sq ft and sale price of HKD 4.8594 million, with sq ft price in HKD 15,045.
Applications for the units launched this time will be officially collected on New Year's Day or later, and the pricing is much the same to that in first price list, while price difference are due to house orientation and size, Wu Chongwu expressed. The sales of one room and two rooms units were ideal while of three rooms and two rooms in high level during first round sales were bad, so they have confidence in sales since the prices for two rooms units are less than HKD 8 million this time with prices differ because of house orientation, when asked why there are no large adjustment on prices this time because only about 40% and 504 units were sold in the first round of sales in October, Wu Chongwu responded.
Chinachem took in HKD 4.7 billion from real estate sales in this year
The project has sold 215 units, taking in HKD 1.6 billion, and the average transaction price was HKD16,456. There are still 505 units for sale, and the previous price list was immediately expired after the new price list was launched yesterday. Reviewing in 2018, about 300 to 400 units were sold and HKD 4.6 billion to HKD 4.7 billion was took in. In the first quarter of 2019, they will mainly put on sale Sol City, Bisney Road project in Pok Fu Lam and Villa Covein in Sai Kung, also a small number of units from other projects.
Asked about last week the Government announced the land supply for private residence in the whole year was only 13,850 units, which did not meet the annual supply target, Wu Chongwu believed it has positive impact on the property market and would affect the bidding price of the land in future. However, he pointed out the property prices did not fall sharply although it was down due to the large supply of new projects which was completed before. TakingSol City as an example, there is actually a 20% discount comparing with the peak property price in the same district.
GRAND CENTRAL Phase 2 is intended to additional launched more.
In the past two days, about 190 units of first hand property were sold, while GRAND CENTRAL phase 2 in Kwun Tong accounted for 182 units or 95.7%. GRAND CENTRAL phase 2 additional launched 118 units on last Saturday in discounted average sq ft price of HKD 21,168. New price list will be additional launched in a couple of days at the soonest, and it is predicted the feature unit jointing with garden and terrace will firstly be launched, the sale price and sq ft price of which will possible challenge the latest peak of the project, while the next round of sales will start in the beginning of next year, the Associate Director of Sales Department of Sino, Tian Zhaoyuan expressed. 1,386 units in phase 1 and 2 have been sold up to now, taking in over HKD 16.8 billion.