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Hong Kong Property Market - Yr.2020 Jul: Average price per sq feet $11632 1.04%   (last month:$11754)
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An open style house in Victoria Harbour is HKD10.9 million; The peak in Island East.

Image Caption
The Sino-us trade negotiation negative factor brings polarization; La Vetta buyer paid about HKD5 million for liquidated damages to give up the house.

Kong Wen Wei Po News (By Liang Yueqin)

The uncertainty in the Sino-US trade negotiations brings polarization in Hong Kong property market. On the one hand, the first hand property price continues to rise, for example, one open style house less than 300 sq ft in Sun Hung Kai’s Victoria Harbour has sold at HKD11 million, the peak among open style houses in Island East. On the other hand, at least four cases of forfeiture of initial deposit were recorded in the first hand property market in recent days, and the latest one was villa buyer of LaVetta in Kao To, Sha Tin leading developed by Wing Tai gave up the house after being confiscated a 10% deposit of nearly HKD5.07 million.

According to the first-hand transaction record, Victoria Harbour sold the room F on 19th floor in block 5A which in area of 286 sq ft at HKD10.9098 million, with the sq ft price at HKD38,146. The sale price is the same as the unit F on 18th floor last year, both become the highest sale prices among open style houses in Island East. The house is priced at HKD13.469 million, and the discounted price is HKD10.9098 million after the highest discount of 19%, consisting of discounts from buyer choosing 270 days payment method and other discounts.

The sq ft price of 286 sq ft house in Victoria Harbour is over HKD38,000.

This open-style house has a curved hallway, while it is fortunate that the open kitchen can be set with cabinet along the wall to enhance the practicality, besides, the bathroom has no windows, and there is a 22-inch terrace in the dining room, viewing inside garden and Java Road street scape in North Point.

In fact, the first hand property prices in North Point rise to new high frequently, in addition to Victoria Harbour, New World’s Fleur Pavilia in North Point sold room B on 33rd floor of Block B in area of 662 sq ft at HKD28.95 million days before, with the sq ft price at HKD 43,731, which also is the new high price among two-bedroom standard houses in Island East.

Both LaVetta and CRISTALLO recorded cases of forfeiture of initial deposit.

On the other hand, the Sino-US trade war situation has changed suddenly, which scared some buyers, and in recent days, at least four cases of forfeiture were recorded.. According to the transaction register, room H3 from Wing Tai’s LaVetta in Kao To that had sold by HKD50.741 million on October 31 last year was gave up days before, although buyer had signed a formal sale and purchase agreement on November 7th last year, and it is estimated that the developer has confiscated a 10% deposit which closes to HKD5.07 million.

In addition, GARMIN’s CRISTALLO also recorded the first case of forfeiture of initial deposit since the sale began in last April, the order for room B on 7th floor in area of 1,304 sq ft which had been sold at HKD47.988 million on April 27 was canceled by the buyer, so it is estimated developer has confiscated the 5% deposit of nearly HKD2.4 million.

Developers speed up the clearance sale. The assistant general manager of marketing of Wheelock Properties, Chen Huici expressed, LOHAS Park MONTARA in Tseung Kwan O had received more than 5,000 applications until last night, an oversubscription of 42 times base on the last 116 houses being put on sale tomorrow, and the application is closed today.
MONTARA has collected more than 5,000 applications.

Midland Real Estate will cooperate with mReferral Corporation to launch "High percentage and high amount mortgage discounts" for the buyers, with the maximum mortgage rate in 70% or the loan amount up to HKD35 million, besides the full-term interest rate is as low as P (P is 5.5%). ), with the maximum period up to 25 years, and the first 10 customers will receive a mini Octopus in value of HKD 1,000.

Henderson Land will launch 3 projects on Sunday.

Henderson’s Novum West in Sai Wan, Novum Point in North Point and Novum East in Quarry Bay at the same time yesterday announced to put on sale 15, 14 and 18 houses on this Saturday (12th) respectively, a total of 47 units. Kowloon’s One East Coast in Yau Tong also announced to additional launch 57 houses for bidding on Sunday, the application of which will be closed on December 31.
Translated by 28Hse.com . All right reserved.