Foreign banks put on sale 11 units of residences; Developers sell commercial buildings with price cut.
Hong Kong Wen Wei Po (By Li Zhitian)
The global economy is facing the risk of recession, and the property market is still uncertain, so various institutions are eager to change asset into capital. . Indian Overseas Bank put on sale a basket of properties on Hong Kong Island involving 11 units in a total price of about HKD 250 million. The most expensive one is from Xiaoying Garden of Shouson Hill Road in the Southern District, with a price of HKD 98 million. In addition, the latest batch of 18 units from commercial building One Vista in Tuen Mun developed by Jiayuan International and UPPER ZONE were put on sale in price cut, with the sales prices from HKD 4.5 million to HKD 7.665 million, an average of 8% to 10% lower than the previous price list .
According to market source, the Indian Overseas Bank is putting on sale 11 properties with a total price of about HKD 250 million, which are concentrated on Hong Kong Island and were bought between 1981 and 2010 for staff quarters. At present, all the properties have been handed over, the most expensive one among is unit from Xiaoying Garden, Shouson Hill Road, with sale price in HKD 98 million, and it is in 2,646 sq ft connecting garden of above one thousand sq ft and parking space, .
Shouson Hill property price is nearly HKD 100 million
It is worth mentioning that the price of individual property is lower than the bank's valuation. For example, high floor room E of the Fu Bon Court in Fortress Garden in North Point is HKD 12.3 million, which is 3.9% lower than the valuation of HKD 12.8 million from HSBC. In addition, there was house being sold at price under the valuation from this bank. The transaction was from the high floor room E of Block 6 of Park Avenue, Tai Kok Tsui, which is in layout of three rooms and was being sold at HKD 12.1 million in January this year, more than one million lower than HSBC's online valuation of HKD 13.15 million.
EGL Tours put on sale Kwun Tong Properties.
Besides banks, travel agencies also choose to sell the property after the holiday. EGL Tours has released the middle-level unit of EGL Tours tower with a total price of HKD 17.92 million. The Property Consultant of Flourish Property Agency, Yang Guoqi expressed, EGL Tours tower including 31 floors in Hung Road, Kwun Tong was finished in 2007. The unit for sale is an office on the middle level, which is in area of 1,897 sq ft and in price of HKD 17.92 million, with an average sq ft price of HKD 9,450, and the rental return is expected to be about 2.54‰ per month.
Pedestrian crossings, pedestrian bridges and artificial islands connecting the two sides of the river will be established in Tsui Ping River revitalization project, by then, the region will be leaded to flourish and attracting more users and investors, so more owners put on sale their houses, Yang Guoqi also pointed.
Property price in One Vista reduced by up to 10%.
The first-hand property price also declines. Benefit from the opening of the Zhuhai-Macao Bridge, commercial building One Vista in Tuen Mun developed by the Jiayuan International and the UPPER ZONE has sold a total of 74 units since the sales started in the mid November last year, taking in more than HKD 400 million. However, the prices of the latest batch of 18 units of this project reduced.
The latest batch of One Vista involves 18 units, locating on the middle, low and middle floors and ranging from 478 sq ft to 939 sq ft, and the prices are from HKD 4.5 million to HKD7.665 million with the sq ft prices from HKD 7,519 to HKD 13,173, in an average sq ft price of about HKD 9,803, which are 8% to 10% lower than the previous batch of prices, besides it was described that this additional launched in price cut has provided discounts, the District Co-director of Midland, Wu Weiguang disclosed.
In this price list, the lowest sq ft price is from room 1on 5th floor, which is in area of 697 sq ft and in price of HKD 5.241 million, with the sq ft price in HKD 7,519. As for the lowest sale price, it is from room 9 on 5th floor, which is in area of 478 sq ft and in price of HKD 4.5 million, with the sq ft price in HKD 9,414. The project sample unit is located on the first floor of the MediLink Square in Yau Ma Tei.