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Hong Kong Property Market - Yr.2019 Sep: Average price per sq feet $10847 11.34%   (last month:$12235)
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New projects take the advantage of hot market to additional launched with mark up; 4 projects of more than 600 units compete for buyers on Saturday.

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

Developers take the advantage of hot market to launch project. LOHAS Park LP6, Ma Tau Kok Stanford Residences, Yau Tong Maya, Cheung Sha Wan AVA 228 and Long Ping Sol City in Yuen Long additional launched totally 433 units yesterday, and the front four will put on sale totally 616 units on this Saturday. Hung Hom The Vantage, which largely increased prices by 10%-20% to discounted average sq ft prices at about HKD 22,000-24,000 under fierce competition, put on sale the second round of 148 units last night, source pointed, 61 units were sold until last 8pm, in sales rate of 41.2%.

Hung Hom The Vantage had received 526 application for its second batch of 148 units, above 2.5 times over-subscription, but it is 75% less than applications in the first round. There was no people line in the sales office at 6 pm yesterday, and group A customers need to purchase 2 to 4 units, while group B customers buy 1-2 units.

The Vantage sold 61 units on one single day.

Until 8 pm last night, about 61 units of The Vantage had been chose, including 13 units from No.5 price list and 48 units from No.4 price list, the proxy sale department (1) general manager of Henderson, Lin Damin expressed. Room B8 on 28th floor has both the highest transaction price and the highest sq ft price at HKD 11.954 million and HKD 28,127. They are actively considering to put on sale the feature units by bidding.

There were big customer who spent nearly HKD 12 million to buy 2 units, the chief executive officer of residential department of Midland, Bu Shaoming expressed. The sales is affected by developers’ large mark up and some customers were attracted to Stanford Residences and eResidence, the vice chairman of the Asia-Pacific region and the chief executive officer of the residential department of Centaline, Chen Yongjie expressed.

LP 6 additional launched 284 units by bidding.

In fact, the developer’s enthusiasm for the promotion continued, and there were five new projects announced to additional launched more yesterday. LOHAS Park LP6 developed by Nam Phong, Cosco and MTR additional launched 248 units at discounted prices from HKD 7.299 million to HKD 19.501 million, with the discounted average sq ft price at HKD 16,605, and the discount maintains in 20.42%.

Two -bedroom sea view units are firstly launched in this batch, and the sq ft prices are different with the previous units, because 80% of this batch have sea view and 19% are above 42nd floor, the development and sales department general manager of Nam Phong, Lu Zihao pointed. He also pointed LP 6 will put on sale 195 units on a first-come-first-served basis this Saturday, and launch another 284 units for tenders which will be closed next Monday.

Long Ping Sol City in Yuen Long developed by Chinachem and MTR, which also is railway project, additional launched 72 units yesterday at discounted average sq ft price of HKD 15,876, up 2.3% than the sq ft price of the 72 units that were additional launched last month. A maximum discount of 15% was provided for the additional launched units, with the discounted prices are about HKD 5.64 -12.9 million, and the discounted lowest price for unit in 319 sq ft is HKD 5.6491 million.

Stanford Residences ‘show hand’ to additional launched 114 units.

Ma Tau Kok Stanford Residences developed by New World and Urban Renewal Authority (URA) ‘show hand’ to additional launched all the remaining 114 units at discounted average sq ft price of HKD 19,556 after the highest discount of 17%, higher nearly 7% than HKD 18,301 in the first price. This batch includes 105 units of one-bedroom and 9 units of two-bedroom covering areas from 283 sq ft to 386 sq ft, with the discounted prices from HKD 4.805 million to HKD 8.631 million.

Market source pointed, more than 2,500 applications had been collected until 8 pm last night, and all 294 units will be put on sale on this Saturday.
Maya additional launched two-bedroom units with mark up of 2%.

Yau Tong Maya developed by Wang On and CIF also additional launched 33 units yesterday, which are two-bedroom units at discounted average sq ft price of HKD 17,722, and the discounted prices are HKD 8.158-9.69 million, with mark up of about 2%. Source pointed, this project had received about 400 applications, which will put on sale 99 units on this Saturday, and another 9 units for tenders that will closed on the same day.

Senior investor Mr. Wah Lo family’s Cheung Sha Wan AVA 228 also additional launched 19 units in 155-249 sq ft, at the discounted prices of HKD 3.398-5.318 million and discounted average sq ft price at HKD 20,877, which will be put on sale this Saturday.
Translated by 28Hse.com . All right reserved.