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Hong Kong Property Market - Yr.2019 Mar: Average price per sq feet $11675 6.89%   (last month:$10922)
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The Vantage Additional Launched More With Mark Up; 246 Units Will Be Put on Sale on Saturday.

Image Caption
2019-03-06-(Wed)
【28Hse.com】  
AVA 228 launched units to take part in the fierce competition in urban area of Kowloon.

Hong Kong Wen Wei Po (By Li Zhitian)

The sales of first hand property was ideal around the Lunar New Year, and the developers are rushing to additional launch units. A fierce competition is coming soon. The Vantage in Ma Tau Wai Road, Hung Hom additional launched No.3 price list including 68 units yesterday, at average sq ft price of about HKD 23,035, up about 2% compare to the price of the previous batch and close to the second hand property price in the same district, also it is confirmed that all 246 units priced will be put on sale in the first round on this Saturday (9th). In addition, AVA228 in Sham Shui Po is also scheduled to launch 16 units on this Saturday. Together with more than 700 stock units from St. Martin, nearly one thousand units appeared in the market in a short period of time.
The Vantage in Hung Hom additional launched No. 3 price list including 68 units at average sq ft price of about HKD 23,035, the proxy general manager of sales department (1) of Henderson, Lin Damin expressed. He stressed that the project price is restrained. The No.3 price list is about 2% higher than the No. 2 price list, and the No. 2 price list is also about 2% higher than the No.1 price list. In the first round of the sales, 246 units priced will be put on sale, and there are Group A (large buyers) and Group B periods. Group A can purchase 2 to 4 units, while Group B can purchase 1 to 2 units.

1,450 applications exceeding nearly 5 times have been received for the time being.

The project had temporarily received 1,450 applications until 2 pm yesterday, of which 2 cases were from real estate agents, with oversubscription in about 4.8 times, and the application will be closed this Friday (8th) afternoon, Lin Damin pointed.

In the No. 3 price list, the unit prices are from HKD 5.653 million to HKD 6.815 million, with the average sq ft price at 23,035, and the total value is HKD 420 million. As for the entire batch of 246 units (the first three price lists), the price ranged from HKD 4.158 million to HKD 9.313 million, at average sq ft price of HKD 22,173, with the total value at HKD 1.541 billion.

The maximum discount of 8% will be maintained.

In addition, the concessions and high percentage mortgages in the first two price lists will be maintained in the No.3 price list, which are 120 days cash immediately mortgage payment discounts up to 8% the highest, designated bank of first mortgage for buyers in the highest of 85% of the property price, and buyers also can apply for the second mortgage from designated financial company in 30% of the most of the property price, and the total of first and second mortgage will be 90% of the most. The interest rate of secondary mortgage is P-2% for the first three years, P-1% for the third to fifth year, and P+1% after.

The project additional launched with mark up twice. The discounted sq ft price in the first batch was HKD 19,977, and the mark up was increased to 6% in No.3 price list. The prices are similar compared with the second-hand property in the same district, base on the average sq ft price of Baker Residences is about HKD 22,400 and AXIS is about HKD 22,300. While the gap between No.3 price list with prices in Upper East which was just occupied and hot discussed recently is up to 25.9%, since the second hand sq ft price of this project is about HKD 18,300.

AVA228 additional launched 16 units.

Mr. Wah Lo family’s AVA 228 in Sham Shui Po uploaded new price list yesterday, involving 16 units from 155 sq ft to 249 sq ft at prices from HKD 3.45 million to HKD 6.26 million , with the sq ft prices from HKD 22,303 to HKD 27,099, and the highest discount was maintained in 12%. At the same time, the sales arrangement was uploaded, which is these 16 units will be put on sale since 11:00am this Saturday. The price list that was introduced earlier in the market was only 5 units which was less than 10% of the amount, so it was quickly removed from the official website because the suspicious of non-conformance to the requirements of (first-hand sales) ordinance.

In addition, the pending 26 units of ready project The Mediterranean in Saigon yesterday opened the sample unit joining with rooftop of room C on 8th floor block 1, which in area of 1,565 sq ft will be launched by bidding in short term, the associate director of sales department of Sino, Tian Zhaoyuan expressed.
Translated by 28Hse.com . All right reserved.