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Billion Development has self-discipline; The Horizon II announces the first price list.

Image Caption
The sq ft price of HKD13,774 is close to the second-hand price in same district; The lowest price for the open style house is HKD3.59 million.

Hong Kong Wen Wei Po (By Li Zitian, Yan Lunle)

The market pays close attention to new project’s bidding sales. Billion Development’s Pak Shek Kok project not follow The Horizon which only use tender sales. Yesterday, the same series The Horizon II suddenly announced the first price list, at discounted average sq ft price of HKD 13,774 among the first batch of 295 houses, which is much the same to the second hand property price in same district, and the lowest discounted price for open style homes is HKD 3.59 million. In addition, Wheelock's LOHAS Park phase 7A was officially named "MONTARA" yesterday, offering 616 units of 300 to 800 sq ft, which are expected to be priced in the short term and will be put on sale within this month at the soonest.

Billion Development’s Pak Shek Kok project The Horizon II announced prices list yesterday suddenly, which involves 295 houses accounting for about 21% of the total in usable areas of 243-1,866 sq ft, and they are 11 types of apartments from open style to four-bedroom layout, while open style among has 54 units.

The first price list of The Horizon II involves 295 houses.

The first price list are from HKD 3.89 million to HKD 28.774 million, with average sq ft price at HKD 14,891; The discounted sale prices are about HKD 3.598 million to HKD 26.616 million with the discounted sq ft prices at about HKD 12,655 to HKD 15,420, and the discounted average sq ft price is HKD 13,774, basing on the highest discount of 7.5%.

The cheapest four houses of this batch include room B,C on 1st floor in block 6, and room B, C on 1st floor in block 7, which all are open style flats in usable area of 243 sq ft, also are at the same price of HKD 3.89 million, with the discounted sale price at about HKD 3.5982 million after the discount of 7.5%. As for the maximum price of this batch, it is HKD 28.774 million, with the discounted price at about HKD 26.66 million.

New project putting on sale houses all by bidding attracts great attention.

At present, the second-hand property prices in projects around Pak Shek Kok, Tai Po including Providence Bay and Mayfair By The Sea are between HKD 13,187 to HKD 15,394, so the pricing this time is similar to the second-hand price in the same district.

Pan Zhicai, the sales planning director of Billion Development, described through the press release that the prices are "very attractive" and four preferential schemes will be offered, while the sample flats will be opened from tomorrow also the sales arrangements will be announced shortly.

The Horizon of same series in same district has put on sale since last November all by bidding without any price list, and about 300 among the all of about 667 houses were sold by bidding. The relevant tendering method for new projects was alleged to be insufficiently transparent, causing social heated discussion. The house number in the first price list of The Horizon yesterday accounts for about 21% of the total, meeting the self-discipline measure that the first batch of 20% of non-luxury properties being put on sale in public appealed by the Real Estate Developers Association.

Facing the market's doubts about the way of property selling in The Horizon, the developer said again to the media yesterday that various legal sales models were considered by the group and there was no established pattern.

MONTARA mainly has two-bedroom houses.

In addition, Huang Guangyao, the managing director of Wheelock pointed, the LOHAS Park phase 7A under the group’s O EAST series was named "MONTARA", supplying totally 616 houses of one-bedroom ( accounts 18%), two-bedroom ( accounts 62%), three-bedroom (accounts 17%) and terrace or rooftop feature flats (accounts 3%), with the areas in more than 300 sq ft to more than 800 sq ft. The preparatory work for the project's sample flats and sales brochure has been in the final stage waiting for pre-sale approval, and it is hoped the prices will be announced in the short term and the sale will be carried out within the shortest month.

The project’s main two-bedroom flats are divided into two-bedroom with open kitchen, standard two-bedroom and two-bedroom with working room, and the first price list will cover all types including the above two-bedroom units, also there will be payment method the first housing customer needs, which will be announced at the time of the pricing offer.

Asked whether the houses will be put on sale by bidding, Huang Guangyao responded that the project will follow the practice of the previous sale that the standard units will be put on sale in the form of price lists, while the featured flats will be put on sale by tender. Huang analyzed, the property prices have stabilized in the first quarter, which is believed to reflect the accumulation of purchasing power, and there will be a 5% rising in the second quarter by prediction.

K.CITY in Kai-tak recorded one case of forfeiture of initial deposit , and more than HKD 0.9 million of deposit was confiscated.

On the other side, K.CITY in Kai-tak recorded case of forfeiture of initial deposit for one two-bedroom house, and developer confiscated the deposit more than HKD 0.9 million base on the property price of about HKD 9 million.
Translated by 28Hse.com . All right reserved.