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The Sino-us trade war has no effect to property market; Houses from new project are quickly sold out.

Image Caption
MONTARA sold out the 116 houses that night, and all 616 houses had been sold within 7 days.

Kong Wen Wei Po News (By Liang Yueqin)

The United States still increased tariffs on Chinese goods. Under the volatility of Hong Kong stocks, LOHAS Park MONTARA developed by Wheelock Real Estate and the MTR put on sale the second round of 116 houses at yesterday noon, source pointed, all 116 houses were sold taking in nearly HKD 1 billion because of the restrained prices and huge demand from users. Among them, Mr. Chen, the number one buyer, spent more than HKD36.5 million to buy 4 rooms. Together with the first batch of 500 houses all were sold last Saturday, this project had sold all 616 houses in just 7 days and taking in more than HKD5 billion.

MONTARA which had collected nearly 12,000 applications put on sale 116 houses from 362 sq ft to 816 sq ft yesterday, and the discounted prices were HKD5.89 million to HKD12.332 million, with the discounted average sq ft price at HKD15,612. The developer reserved 50 rooms for group A group big customers to pick firstly, who had to buy one three-bedroom flat in 816 sq ft, and only can buy one in layout of one-bedroom, besides each only can buy 2-4 houses. The prospective purchaser started to register at the sales office in block 2 of Gateway Plaza in Tsim Sha Tsui at 2:00 pm yesterday, and the house picking began at 3:30 pm, while there were no crowd people on the site,. At 7:30 in the evening, Group B began to register and sales started, when was obviously warmer than that of Group A, and line up appeared.

The attendance rate of the front-line big customers was 90%.

The executive director of Wheelock Properties, Huang Guangyao expressed, there is no effect to property market sales from the Sino-US trade war, and the applications from group A was 160 cases, and more than 60 customers among the first 70 arrived, leading the attendance rate to 90%, also the houses selection for group A had done in the first half hour after sales started, with 45 rooms being sold to about 20 groups, 20% among are investors. The remaining 71 rooms were sold to Group B customers, and 6 groups among purchased 2 houses.

The Chairman of Wheelock Properties, Mr. Leung Chi-kin frankly said, the Sino-US trade war affects investors' desire to enter the market, although there may be psychological effect in short term due to land supply shortage in Hong Kong and large housing demand brought by talents from Greater Bay Area, but property market will be in good trend for long-term, and expects the government to speed up the land development.

He also said, the pace of the project launching depends on the market conditions, and luxury residential project in No.77, Peak Rd will take the first to be put on sale next month, then in July, LOHAS Park phase 7B will be launched, after is Sin Fat Road residential project in Kwun Tong.

The prices for 23 rooms in Sol City increase.

Mount Nicholson phase 1 and 3 in The Peak developed by Wharf and Nam Phong, announced to put on sale No.15 villa and 7 tiered houses by bidding yesterday, applications for which will be closed on May 16 and 23 respectively, and the area of the villa is 8,674. Sol City in Yuen Long developed by Chinachem and MTR increased the prices of about 23 rooms among by 0.8%-4.5%, effective next Tuesday.

The sq ft price in LaVetta is the new high among tiered houses in New Territories.

On the other hand, LaVetta in Kao To, Sha Tin developed by Wing Tai and etc, sold one top floor feature house on the 6th floor of block 1 in area of 1,613 sq ft plus with parking space at HKD 68.23 million yesterday, which has rooftop of 768 sq ft and was in sq ft price of HKD42,300, being the new high sq ft price among tiered houses in New Territories. The chief executive officer of residential department of Midland, Bu Shaoming expressed, the stock market may suffer a sharp fall if the negative impact of Sino-US trade wars further expands, and the property market will turn to wait and see, also the volume of first-hand transactions this month is expected to fall from the predicted 3,000 cases to about 2,200-2,500 case; While the second-hand property trading estimated to get into sticky situation due to owners’ aggressive pricing, so it is estimated that the second-hand transaction volume this month would be about 3,500 to 4,000 cases.

He also predicted that the monthly increase in property prices will narrow to 1% and would not return to the high level in last August.
Translated by 28Hse.com . All right reserved.