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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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Fierce competition among over one thousand new houses outbreaks today.

Image Caption
2019-05-04-(Sat)
【28Hse.com】  
Hong Kong Wen Wei Po (By Liang Yueqin)

Property market appears explosive rebound. Three new projects including totally 1,106 houses are launched today, a single day launching the most new houses after the implementation of the First Hand Residential Property Sales Ordinance in the end of April 2013. These projects closed the applications successively in the past two days, with more than 26,300 cases were received, LOHAS Park MONTARA in Tseung Kwan O among closed the application for its first round of 500 houses yesterday, collecting more than 18,000 cases, which becomes the most popular new project in over 20 months. The property market rapidly rebounded 5% in the first quarter, and the sales of the new market today can be used as an important indicator for the future market.

The executive director of Wheelock Properties, Huang Guangyao expressed, the LOHAS Park MONTARA closed the application at 2:00 pm yesterday, with more than 18,000 cases had been collected, an oversubscription of over 35 times, breaking the record of the group’s new projects that receiving the most application, thereinto 400 cases were from group A of big customers. He estimated, it is hopefully that all 500 houses in the first round being put on sale today would be sold out, also developer will arrange 200 houses for big customers from group A to choose, with each group can buy two to four houses, while they only can buy one unit of one-bedroom house, besides individual customers from group B can buy one to two houses. According to the data, this project also breaks the recorded of new project receiving the most applications in more than 20 months.

The first round 500 houses of MONTARA were sold out.

The first round of 500 houses being put on sale today are in usable areas of 342-816 sq ft, with the average sq ft price at HKD18,730, and the discounted average sq ft price is HKD14,704 after the highest discount of 21.5%, leading the discounted prices from HKD5.295 million to HKD13.457 million, 331 houses among (accounting for 66% of the total) are at discounted prices below HKD8 million.

Timber House in Ho Man Tin developed by New World and Henderson also closed the application yesterday at 12:00 pm, source pointed, more than 2,600 applications had been collected, an oversubscription of nearly 10 times. This project put on sale the whole 240 houses today, which are in areas from 204 sq ft to 526 sq ft, with the average sq ft price at HKD29,589, and the discounted average sq ft price is HKD24,855 after the highest discount of 16%, leading the discounted prices to between HKD4.992 million and HKD14,341 million.
The application for the second round of 366 houses from Billion Development’s The Horizon II in Pak Shek Kok, Tai Po had closed the day before yesterday, source pointed, more than 5,700 cases had been collected, an oversubscription of 14.6 times. These houses are in usable areas of 243-1,517 sq ft, with the average sq ft price at HKD17,473, and the discounted average sq ft price is HKD16,163 after the highest discount of 7.5%, leading the discounted prices from HKD3.87945 million to HKD20.221 million, 118 houses most of which are open style and one-bedroom flats among are at discounted prices below HKD6 million.

The transactions of luxury new houses frequent increased. New World’s The Pavilia Hill in North Point sold its last 2 compound mansions yesterday by bidding, taking in over HKD 330 million, with the sq ft price up to HKD55,034 of the highest. All 358 houses in this project were sold out, taking in over HKD10.8 billion including income from parking space sales.
Babington hill in Mid Level West District developed by Sun Hung Kai and New World sold top floor room B on 21st and 22nd floors also by bidding, with the transaction price at HKD85.012 million and the sq ft price at HKD53,000, being the latest highest sq ft price of the project.

Mount Regalia in Kao To, Sha Tin developed by Paliburg and Beverly Plaza Hotel firstly recorded a transaction of villa, which was No.19 villa including two parking spaces being sold at more than HKD 93.84 million with the sq ft price at HKD31,168 through tendering.

Bungalows in MONTEREY were sold out in two months.

Wheelock Properties’ MONTEREY in Tseung Kwan O sold "Marina Blue" No.12 sea view independent bungalows also through tenders, the usable area of which is 2,004 sq ft joining 720 sq ft of garden and etc., and the price was HKD66.132 million with the sq ft price at HKD33,000. There are 22 bungalows in MONTEREY, all which have been sold in just over 2 months.
Translated by 28Hse.com . All right reserved.