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The Sq Ft Price of New Project In Tuen Mun Falls Under HKD 10 thousand Lower 30% Than Price In Same District.

Image Caption
THE CARMEL firstly launched 50 units with open style among in lowest price of HKD 3.43 million.

Hong Kong Wen Wei Po (By Liang Yueqin)

First hand property market broke out fierce competition before the Lunar New Year's Eve. Yesterday, Wing Tai’s The CARMEL launched the first price list including 50 units in sq ft prices about 10% to 30% lower than the first hand and second-hand property price in the same district, with the average sq ft price in HKD10,901 and the lowest sq ft price in HKD 9,488, open style among in 279 sq ft was HKD 3.431 million at the lowest,. Developers described property prices are back to level in 2015 Vanke Real Estate’s Le Point in the same district immediately increased the price of some units by about 1%, plus with variety of stamp duty payment service to attract customers, and launched 235 units with 150 among will be put on sale by bidding this Saturday. In addition, China Overseas’ The Paragon in Tai Po additional launched 162 units by mark up of 0.8%, and will put on sale the first batch of 486 units on this Saturday.

Wing Tai’s THE CARMEL in Tai lam section of Castle Peak Road in Tuen Mun, announced the first price list of 50 units yesterday, room A in 1st floor of block 2 among which is two rooms unit in area of 587 is in sq ft price low to HKD 9,488. Zhong Zhilin, the Executive Director and Director of Sales and Marketing department of Wing Tai described “The pricing is back to the level in 2015 which is preferential helping customers to fulfill the house changing desire” and it even lower than the lowest sq ft price of HKD 9,563 of NAPA in the same district when it was put on sale in October 2016 .

For the first mortgage in 80%, it only need to pay back mortgage interest in the first three years.

According to the price list, the first batch includes open style to two rooms in areas from 279 sq ft to 805 sq ft, while there is no discounts, and mark up in 6% under payment during construction period, also developer will provide first mortgage of 80% the highest in three years, besides it is no need to repay principal but only interest in the first three years. He believed it will help the first housing people and customers changing houses. The applications are collected since today and the sales will start as soon as next week.

Recently the nearby first hand property sq ft price is about HKD 15,000, so pricing of THE CARMEL has discount of 30% to 40%, and the villas in areas from about 1,000 to 4,000 sq ft of this project may possible to be launched by bidding in the future, Zhong Zhilin pointed. He also believed the adjustment of the property market has come to an end, and the demand from users is still rigid, but the supply isl insufficient, so there will be no sharply decline.

According to the data, the first price list of Le Point in the same district launched last year included 231 units in discount sq ft price low to HKD 9,878 and the average sq ft price was HKD 11,073, leading the discounted prices from more than HKD 4.249 million to over HKD 8.4338 million.

Price of some units in Le Point of the same district was increased.

On the other hand, Vanke Real Estate's Le Point in the same district published number of stamp duty payment service plans yesterday, including immediately mortgage payment in 120 days, immediately first mortgage payment in 120 days, and immediately secondary mortgage payment in 120 days, although buyers who choose these types of payment plan only can enjoy a basic 1% member discount, as well as HKD 26,888 cash rebate in early, but they can enjoy an upper limit of 12% or 15% discount on the stamp duty payment service. At the same time, the prices of some units in the price list were increased by about 1%.

They also launched 235 units, of which 85 units will be put on sale on Sunday, and the other 150 units will be sold on daily tender from this Saturday to January next year. It is known, the project has sold 573 units since last October when it was being put on sale.
THE CARMEL is sincerely on pricing, which is about 10% lower than the price of second hand property and nearby old project from ten to more than twenty years in the same district, while first hand project with the lowest sq ft price lower than HKD 10,000 can trace back to Vanke’s Le Point in the same district, the Asia Pacific Vice Chairman and the President of Residential Department of Centaline, Chen Yongjie believed.

The Paragon additional launched more and put on sale 486 units on Saturday.

In addition, China Overseas' The Paragon in Tai Po additional launched 162 units yesterday maintaining the highest discount in 18.5%, and the discounted prices was from HKD 5.79 million to HKD 10.17 million with the discounted average sq ft price in HKD 12,995. Mark up of additional launched units is 0.8% excluding the factors of floor and direction, the Managing Director of China Overseas, You Weiguang expressed. This project will put on sale 486 units this Saturday and will closed the application tomorrow, which has buying limitation of two units and without large customer arrangement.

For there is new project in Tuen Mun being launched in sq ft price low to HKD 9,488, he said each new project has its own characteristics, so buyers choose according to individual needs.
Translated by 28Hse.com . All right reserved.