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Hong Kong Property Market - Yr.2019 Oct: Average price per sq feet $11238 2.41%   (last month:$10974)
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MAYFAIR by the sea 8 Launches in Price 20% Lower Than Market Level.

Image Caption
2019-01-15-(Tue)
【28Hse.com】  
Hong Kong Wen Wei Po (By Liang Yueqin)

The first hand property competition is getting more fierce in January. Sino’s MAYFAIR by the sea 8 in Pak Shek Kok of Tai Po launched the first batch of 108 units last night in the highest discount at 20.5%, leading the discounted average sq ft price in HKD 13,228 which is about 20% to 24% lower than that of new project in same district last year, and the discounted lowest sq ft price will be HKD 12,088. Among them, the discounted lowest price for a 490 sq ft two rooms unit is HKD 6.0738 million, with the discounted sq ft price in HKD 12,395, which is 5% higher comparing with HKD 11,789, the discounted lowest sq ft price of two rooms unit in COHL’s Paragon located in Kulen Mountain of Tai Po .

The pricing of MAYFAIR by the sea 8 is really attractive, referring to pricing of new projects in Pak Shek Kok launched in last May and July, and it will be put on sale next week at the soonest, the Associate Director of Sales Department of Sino, Tian Zhaoyuan described.

Tian Zhaoyuan from Sino: The sales will start next week at the soonest.

The first price list of the project includes 108 units in areas from 490 sq ft to 779 sq ft, with sale prices from HKD 7.64 million to HKD 13.522 million and discounted prices from HKD 6.073 million to HKD 10.749 million, consisting the whole price list in market value of HKD 1.003 billion.

According to the data, in May last year, K. Wah International firstly launched 225 units of Solaria in Pak Shek Kok, Tai Po in price of 10% higher than the second hand sq ft price in same district, with the average sq ft price in HKD 16,498. In July of the same year, Sun Hung Kai launched the first batch of 128 units from St. Martin phase 2 in same district, with the discounted average sq ft price in HKD 17,380, creating a new peak in the same district.

In addition, market rumor pointed Sino provides the property agents with commission rate of 2% for two rooms units and 2.5% for three rooms units.

The Carmel additional launched 22 units at original price.

On the other hand, The Carmel in Castle Peak Road, Tuen Mun additional launched 22 floor apartments yesterday in areas from 279 sq ft to 805 sq ft, including large two rooms units in up to 802 sq ft, and its average sq ft price is HKD 11,564 and sale prices are from HKD 3.682 million to HKD 9.275 million, which are much the same to original prices, the Executive Director and Director of Sales and Marketing of Wing Tai, Zhong Zhilin expressed. The first two price lists totaled 72 units, with an average sq ft price in HKD 11,100, and the total value exceeded HKD 355 million.

Downtown 38 in Ma Tau Kok developed by Sun Hung Kai and Urban Renewal Authority (URA) had collected 1,028 applications until last night, exceeding 19.6 times than the quota of 50 units in the first price list.

In addition, Chinachem Group’s Jade Cove in Tsing Fat Lei No.8, Castle Peak Road, Tuen Mun newly increased “the first 20 months of interest-free mortgage payment scheme” yesterday. Buyers can make 80% of first mortgage from the designated loan companies with a maximum repayment period of 30 years at the longest with only paying 0.5% of the property price in the first 20 months. From the 21st month to the 56th month, interest is P- 2.5% (P is 5.125%), and interest is increased to P from the 57th month.

Jade Cove added “the first 20 months of interest-free mortgage payment scheme”.

Jade Cove has totally 91 units and has sold 15 units since the sale started in December 2015. It reduced pricing of 22 units by 21% in last August, with the discounted prices in HKD 30.54 million to HKD 73.12 million and the discounted average sq ft price in HKD 14,702, deducting the actual reduction of the discount by 11%.
Feature unit in Ultima was sold with both sale price and sq ft price becoming the latest peak.

Sun Hung Kai’s Ultima in Ho Man Tin sold the feature unit room A in 25th-26th floor of block 5 by bidding yesterday, which is 2,826 sq ft joining with private swimming pool, and the transaction price was HKD 213.9 million being the latest peak in the project, besides the sq ft price was HKD 75,694, breaking the highest sq ft price record of nearly HKD 71,600 in KADOORIA last April.
Translated by 28Hse.com . All right reserved.