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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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Three projects received 23,000 applications. K.Summit is planed to be launched in this month.

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Hong Kong Wen Wei Po (By Liang Yueqin)

The property market is warming up. Three new projects which will be launched tomorrow including LOHAS Park MONTARA in Tseung Kwan O, Timber House in Ho Man Tin and The Horizon II in Tai Po, supplying totally 1,106 houses, had collected more than 23,000 applications. As the market is in good trend, Henderson Land plans to increase the prices of its five new projects in Hong Kong Island by 5%, and K. Wah also expects that K.Summit in Kai Tak would be approved and put on sale immediately in this month.

The application for the second round of 366 houses from Billion Development’s The Horizon II in Pak Shek Kok, Tai Po closed yesterday, source pointed, more than 5,700 cases had been collected, an oversubscription of 14.5 times, and developer will arrange draw lots to decide home choosing orders for these houses today, then the home choosing will start tomorrow.

The executive director of Wheelock Properties, Huang Guangyao expressed, LOHAS Park MONTARA had received more than 15 thousand applications until last 8:00 pm, an oversubscription of 29 times base on the first round of 500 houses which will be put on sale tomorrow, and the application is closed today. HSBC set up a special mortgage service team to provide mortgage service support for MONTARA customers such as answering buyers' questions and assist to apply for mortgages. If buyers use HSBC's deposit-linked mortgage service, they can connect three deposit accounts to earn the same interest as mortgage plan, and the relative customers can also receive HSBC limited edition Octopus card.

The application for totally 240 houses of Timber House in Ho Man Tin developed by New World and Henderson closed today, source pointed this project had collected more than 23,000 cases until last 8:00 pm, an oversubscription of 8.6 times.

Henderson plans to increase the prices of 5 projects in Hong Kong Island by 5%.

The deputy general manager of sales department (1) of Henderson, Lin Damin expressed, the V-shaped rebound of the property market was faster than expected, and the buyers of the low-priced houses were active on prices negotiation, and total of more than 360 houses from the Group's various projects were sold in April, so it is estimated that prices would increase across the entire line in the short term, with five Hong Kong Island projects among including Novum Point in North Point, One Prestige, Novum East, Novum West in Sai Ying Pun and South Walk Aura in Tin Wan would take the lead to increase prices by 5%. In addition, buyers of Novum Point in North Point will be granted a one-year free "lease management service" if renting out the houses through Centaline after occupation, and Centaline Financial will provide free rental insurance of the first year for 8 places in a total value of HKD 120,000.

The general manager of business and marketing planning of K. Wah International (Hong Kong Real Estate), Wen Weiming expressed, their new project in Kai-tak was named K.Summit officially, which consists of 4 buildings and 4 bungalows, providing 1,006 houses, and the layouts of standard houses include open style to three-bedroom, with two-bedroom are the main. This project will be put on sale as soon as it is approved for pre-sale, and it is hopefully to be launched this month. The current average sq ft price of K.CITY of the same series in the same district is more than HKD20,000, with the highest sq ft price up to HKD50,000. Looking ahead to property market trend, Wen Weiming believed the property price increase will continue for half a year by slightly, as the improving of mortgage affordability, it is expected the property price increase of small and medium-sized flats will slow down while that of luxury homes will continue, because the government is inclined to use quality residential land for small and medium sized houses to help the public on the first housing, leading the supply of luxury homes to decline in the future, so the property prices will naturally rise. He also pointed, Hong Kong is affected by the external economy, however, Guangdong-Hong Kong-Macao Greater Bay Area takes Hong Kong as the focus of development, so Hong Kong will be better if the economy of Greater Bay Area is rising.

The sq ft price of two-bedroom in Victoria Harbour is HKD45,000.

In terms of first hand property trading, SHKP’s Victoria Harbour sold room C on 19th floor of block 5A yesterday, which is two-bedroom house in usable area of 524 sq ft, and it was sold at HKD 23.9095 million, with the sq ft price at HKD45,629, both being the new high among standard two-bedroom houses of the project. CITIC Pacific’s KADOORIA in Ho Man Tin sold two more four-bedroom houses through bidding, taking in HKD162.6 million, with the sq ft price at HKD41,700.
In order to quickly sell out all the houses, Cheung Kong’s Seanorama in Ma On Shan announced yesterday to offer the most favorable privileges for four-bedroom buyers. Those who purchase four-bedroom houses from May 6 to July 1 will receive an additional HKD150,000 of sales discount, and buyers of four-bedroom and one suite will earn extra discount at HKD50,000, also buyers who pay off the 10% of the transaction value of the residential property on the date fixed by the provisional sale and purchase agreement and the formal sale and purchase agreement will receive a cash coupon in value of HKD50,000.
Translated by 28Hse.com . All right reserved.