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Hong Kong Property Market - Yr.2020 Aug: Average price per sq feet $11652 1.77%   (last month:$11862)
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The discounted sq ft price for Maya first batch of 66 units is HKD 17.5 thousand under fierce competition in urban area, down about 10%.

Image Caption
Hong Kong Wen Wei Po (By Liang Yueqin)

Developers are restrained on pricing under fierce competition in Kowloon urban area. Yau Tong Maya developed by Wang On and Cifi Group in pre-sale period up to about 19 months announced the first price list including 66 units at discounted average sq ft price of HKD 17,578 yesterday, down about 13% compared to the average discounted sq ft price at HKD 19,900 of the first batch from Kowloon Development’s One East Coast launched in last October, but it is close to the second hand sq ft price at HKD 17,500 of PENINSULA EAST in the same district, and the lowest price for two rooms unit is HKD 7.688 million. Maya’s low price did not affect One East Coast’s plan to relaunched by mark up of 3%-5% in April when occupation.

The price of Maya’s first batch is very close to market level and friendly, which has back to the level of another new project in East Kowloon launched in last December, aiming to attract house changers, and it is not exclude that there will be mark up in additional launch but the increase range may be restrained, the CEO of Wang On, Huang Yaoxiong described. The project will open the sample unit to public today and start to collect application since tomorrow.

The lowest discounted price for two-room unit is HKD 7.68 million.

According to the price list, the first batch of Maya includes 33 units in two-room and 33 units in three room, in areas from 494 sq ft to 716 sq ft, with the total amount in the price list is about HKD 800 million. Among them, two-room unit room E on 6th floor of block 2 has the lowest sale price and the lowest sq ft price, which in 494 sq ft is at price of HKD 8.837 million, with the discount price at HKD 7.688 million and the discount sq ft price at HKD 15,563 after deducting the highest 13% discount.

Maya is located at No. 8 Shung Shan Street and No. 15 Sze Shan Street, Yau Tong, surrounding by factory buildings, so the view may be blocked although there will be built residential buildings in future. On the contrary, One East Coast is close to Lei Yue Mun, leading middle-level units already have sea views currently, thus prices of these two projects have gap.

The project will decide the launch time according to the application, and it will be put on sale next week at the soonest, the general manager of property development department of Wang On, Cheng Deyun pointed.
The developer provides 6 payment methods. Buyers who choose 180 days Kowloon East Mortgage Payment Scheme can apply for the highest up to 80% of first mortgage from the designated finance company, which is in longest period of 25 years, with the annual mortgage interest rate for the first two years is P -1.995% (P is 5.375%), followed by P+ 2.615% (the price of this payment method is reduced by 3.5% of the sale price). In addition, buyers also can choose 180 days after prove witness date Mortgage Payment Scheme, who can apply for the highest up to 70% of first mortgage from the designated finance company in the longest period of 25 years, with the annual mortgage interest rate for the first two years is P -2% (P is 5.5%), followed by P(the price of this payment method is reduced by 4.5% of the sale price).

Employees enjoy 4% home purchase discount.

Besides the maximum 13% discount for immediately mortgage payment, developer also offers a 4% home purchase discount to eligible employees of Hong An and Cifi Group, and buyers who have purchased the THE MET series of Hong An will be eligible for 1% discount of the sale price.

One East Coast in same district plans to increase the price by 5%.

Yau Tong One East Coast planed to cancel the current two years parking privilege for two-room house users after gaining the occupation approval in April, seeing the market is good and there are many projects in long pre-sale term being put on sale, and it predicted to increase 3%-5% on price after the open of ready houses, the marketing and sales department general manager of another developer Kowloon Development, Yang Congyong expressed. He pointed, Yau Tong One East Coast has sold more than 240 units since its launch in October last year, and cashed in about HKD 1.3 billion.

The pricing of Maya is more than 10% lower than the previous new project in same district, so it is acceptable if it increases by 3%-5% in additional launch, and it is estimated two-bedroom units are for users while three-bedroom units are for investors, with the first batch hopefully to be sold out, the Asia Pacific vice chairman and president of the residential department of Centaline Property, Chen Yongjie believed.

The pricing of Maya is attractive, so it is estimated the sq ft rent after occupation will up to HKD 50, with the rate of return up to 3%, the residential department CEO of Midland, Bu Shaoming expressed. He also expected that property prices will rise by 2% this month, and by 6% to 8% in the next three months.
Translated by 28Hse.com . All right reserved.