Hong Kong Wen Wei Po (By Leong Yuet Kam, Lai ChiTin)
The continued violent demonstrations in Hong Kong have not stopped developers to launch new projects. After 15 years, Tsing Yi again has new private residential project, which is named The Grand Marine developed by Grand Ming Group, and it is predicted to receive the pre-sale consents at the end of August, then will be put on sale in September. The project mainly provides one- and two-bedroom flats above 299 sq ft, and it is estimated these flats are the smallest private properties in the district. Yan Jingfeng, Chief Operating and Marketing Officer of Jiaming Group, said that the selling price would refer to the second-hand price in the same area and the new trading price in Tsuen Wan. He believed that as long as the opening price was on the market, the market would still have purchasing power.
Ngan KingFung points out, the sample flat and brochure for The Grand Marine in Sai Shan Rd 18, Tsing Yi have been almost finished, and it is predicted the pre-sale consents will be award at the end of August, while the sale will start in September of the soonest. She says, the project not only is the first self-development and design project of the group, but also is the first private property project in Tsing Yi District after 15 years, and the pricing will refer to new projects in Tsuen Wan District and the second-hand properties in Tsing Yi District. At present, the sq ft prices of 20-year-old and 40-year-old second-hand properties in Tsing Yi District are about HKD19,000 and HKD16,000 respectively.
It provides 776 units with 70% among are one- and two-bedroom flats.
The Grand Marine has two blocks, providing 776 units in layouts from one to four bedroom, with the unit areas from 299 sq ft to 2,728 sq ft. Among them, one-bedroom and two-bedroom flats account for about 70% of the total. The key date of the project is January 31, 2022.
According to the data, the previous private residential project on sale in Tsing Yi District was Hutchison Whampoa’s Rambler Crest at the beginning of June in 2003 after SARS broke out, when it was only at HKD1,688 (base on construction area) for the first batch, shocking the whole market, while the purchasing power in the property market was fully released, and over one thousand units had been sold in less than one month. After 15 years, the average second-hand transaction sq ft price for Rambler Crest is about HKD8,568 (base on construction area), an increase of about 4 times.
Are there any concern that the citizens’ purchasing intend is affected by the continuous violent demonstrations? She believes there is a certain of purchasing power because Hong Kong housing demand is still large, US may cut interest rates this week, and Hong Kong also in a low-interest environment, plus there had been no new projects in Tsing Yi for 15 years.
Jiaming Group: Use quick turnover policy.
She also points out that, there were also new projects at the past weekend, with the first batch being sold out, so it is believed there will still be demand and purchasing power in the market if the pricing is close to the market level, also she reiterated that the group would not stock the flats and will use quick turnover policy to help small citizens for the first housing. Looking ahead to the property market in the second half of the year, she says Hong Kong property market will not largely up or down at present, and it is expected the small and medium-sized residential property prices will develop steady, while luxury houses will be at high price because of the supply is small.
On the other side, the Assistant Chief Sales Manager of Cheung Kong, Ho KaYan expresses, SEASIDE SONATA in Cheung Sha Wan is waiting for the pre-sale consents, with the sample flat is ready, and it will be launched as soon as possible after obtaining the pre-sale consents, also the sales will start next month at the soonest. The project provides 876 units in layouts of two-bedroom and three-bedroom, with 75% of the total are two-bedroom which above 474 sq ft, and the three-bedroom is about 750 sq ft, so it is predicted house changing customers and family customers will be attracted.
Mount Regency II additional launched 50 units at original prices.
SHKP’s Mount Regency II in Tuen Mun additional launched 50 units in areas of 304-460 sq ft yesterday at original prices, and the prices are HKD6.9079-9.4627 million with sq ft prices are HKD18,275-24,759, deducting the maximum discount of 22%. SHKP launched 10 units among and will put on sale them on this Saturday.
The price of feature flat in Napoli up to the new high.
There are also transactions at high prices in the district, although a series of violent incidents broke out in Yuen Long. SHKP’s PARK YOHO Napoli in Kam Tin, Yuen Long sold a feature flat room A on underground and high floor of block 28 by bidding, and it is 1,808 sq ft joining with platform of 41 sq ft and garden of 1,225 sq ft, plus with private swimming pool, also the transaction price of HKD39.794 million is the new high of PARK YOHO, with the sq ft price at HKD22,010.
The Chief Executive of Hong Kong Property Services, Lee ChiShing points out when attended the opening ceremony of V Walk Shop in Nam Cheong Station yesterday, although the property market is influenced by political factors, but Federal Reserve System has large possibility to cut the interest rate, plus Hong Kong continues in low-interest environment and the market is dominated by user demand, so it is predicted there will be 22,000 first-hand property transactions in the whole year, up 40% annually, and it set a new high since 2015.