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Hong Kong Property Market - Yr.2019 May: Average price per sq feet $12323 3.75%   (last month:$11878)
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Tiny House Projects Become Popular Again; More Than Half of AVA 228 Were Sold Quickly.

Image Caption
2019-02-23-(Sat)
【28Hse.com】  

The market atmosphere improved. The sales of the first project was ideal in pig year.

Hong Kong Wen Wei Po (By Liang Yueqin)

Sino-US trade war negotiations has progressed and Hong Kong stocks are improving, thus the sales of the first project in pig year was ideal. The tiny house project AVA 228 in Cheung Sha Wan developed by the senior investor Mr. Wah Lo family's company announced the discounted average sq ft price was more than HKD 19,000 and the lowest discounted sale price was HKD 2.598 million, the lowest sale price in downtown in the past two years, and it put on sale the first batch of 82 units last night, with 46 units or 56% being sold in the whole night according to the source.

AVA 228, which had received about 264 applications, started to register the prospective buyers at the sales office of Carnarvon Plaza in Tsim Sha Tsui from 6:45 pm yesterday, and many first housing potential customers up to 70% of the whole were attracted because the sale prices are low, among even large customer spent more than HKD 8 million to buy two units, the Chief Executive Officer of Residential Department of Exclusive Agency Midland, Bu Shaoming expressed.
The open style of the project is the most popular, and about 80% are users while about 20% are investors; The first housing customers are up to 80%, which is higher than that of the recent new projects, Bu Shaoming pointed. About half of the potential customers are from Kowloon, while about 5% and 45% are from Hong Kong Island and New Territories respectively.

Agency estimated the rental return will be 3.5‰ per month.

It is expected that the sq ft rent will reach HKD 60-65 and the rental return will be about 3-3.5‰ per month, since the project is located in the urban area of Kowloon having convenient transportation, thus the appreciation potential of self-occupation or rent collection will be ideal., Bu Shaoming said.

These 82 units are in usable areas from 134 sq ft to 249 sq ft and at sale prices from HKD 2.952 million to HKD 5.884 million after deducting the maximum discount of 12%, leading the discounted usable area prices from HKD 2.598 million to HKD 5.178 million. The cheapest unit is Room C on 2nd floor with platform, in discounted price of more than HKD 2,5977 million. It is the lowest sale price in the urban area in recent years, and the discounted sq ft price is HKD 19,386. While the smallest unit of the project in 129 sq ft has not yet been launched.

The turnover of the first hand and second-hand properties rebounded in recent months, and several new projects immediately increased their prices. Shangdu in Shun Ning Rd 83, Cheung Sha Wan developed by Paliburg and Beverly Plaza Hotel increased the prices of room A on 29th floor and room E on 30th floor yesterday, usable areas of which are 434 and 458 sq ft respectively.
The mark up of these two are 20% and 18.8% respectively compared with prices in more than two years ago, leading the sale prices up to HKD 11.1366 million and 11.3466 million with the sq ft prices in HKD 25,660 and HKD 24,774, and the discounted usable area sale prices are HKD 9.8 million and HKD 9.985 million with the discounted sq ft prices in HKD 22,581 and HKD 21,801 after the highest discount in 12%. Reach Summit in Yuen Long developed by Henderson Land and New World also increased the prices of 7 units by about 2%.

MAYFAIR by the sea 8 sold 4 units in HKD 40.82 million.

Sino’s MAYFAIR by the sea 8 in Pak Shek Kok, Tai Po also put on sale a batch of 129 units yesterday with 30 units among being put on sale by bidding, and according to the market source the 4 units sold yesterday are three rooms units facing inside garden, plus more than HKD 40.82 million was took in on yesterday one single day

The Horizon in Pak Shek Kok, Tai Po had sold 18 units this week, which was 2 times higher than last week, taking in HKD 140 million, and most buyers are local users, the Project and Sales Planning Director of Billion Development, Pan Zhicai expressed yesterday. The sales of The Horizon has speeded up its sales in recent days, and buyers speeding up the purchasing is believed was driven by the positive impact from the sale of Pak Shek Kok land last week. The Horizon has sold 195 units since it was launched in the end of last year, taking in more than HKD 3.1 billion. It is expected that the number of visiting on this weekend will exceed 10% to 20% than last weekend.

Sol City will put on sale 150 units next Tuesday.

Wing Tai’s The Carmel in Tai lam section of Castle Peak Road, Tuen Mun, sold Room B and H on the 10th floor of block 1, which are in usable areas of 368 sq ft and 803 sq ft in layout of one and two rooms, with the transaction prices in HKD 5.732 million and HKD 13.24 million yuan respectively, and the usable area sq ft prices are HKD 15,576 and HKD 16,493. Market source pointed these two units were purchased by the same group of buyer, that is, the total transaction price was over HKD 18.97 million.

Sol City in Yuen Long developed by Chinachem yesterday confirmed to put on sale 150 units in next Tuesday night after the additional launch of the 72 units in block 5 in this Tuesday night, 72 units among are from block 5 and 78 units are from block 3.

In addition, Sun Hung Kai sold the room A on 20th floor of block 2 in Ultima located in Ho Man Tin at about HKD 81.825 million in the end of last month, to a registered buyer named HO WAI YIN SELINA, which is the same name to SHKP former Executive Director Chen Ju-Yuan’s wife, according to data from Land Registry (LR). HO WAI YIN SELINA paid more than HKD 3.47 million in stamp duty, equivalent to 4.25% of the property price, that is to purchase as the first housing customer. This is a three rooms unit in usable area of 1,738 sq ft, with the sq ft price at HKD 47,080.
Translated by 28Hse.com . All right reserved.