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GRAND MARINI Sold 73% on The First Day.

Image Caption
318 units of two phases in Wheelock’s LOHAS Park were put on sale, with 178 units among were sold on one single day.

Hong Kong Wen Wei Po (By Leong Yuet Kam)

Developers speed up the pace of property launching after the government formally withdrew the amendment of "Fugitive Offenders Regulations", while the purchasing power is tested. Wheelock cooperated with MTR to launch LOHAS Park phase 9A MARINI and 9B GRAND MARINI in Tseung Kwan O at a sq ft price lower than second-hand property price, with totally 318 units were put on sale yesterday, source points out that GRAND MARINI sold 133 units among its first launch of 182 units, in sale rate of 73%, and MARINI only sold 45 units among its second launch of 136 units, in sale rate of 33%, besides these two phases totally sold 178 units yesterday. Source points out that, a buyer spent about HKD7.9 million buying property to propose for marriage successfully at the sales office, very touching!

GRAND MARINI, which had collected 1,400 applications, put on sale 182 units yesterday at overall discounted average sq ft price of about HKD15,200, and arranged house selection for large customer Group A at 2:30pm yesterday, with about over 60 groups customers waited in line as seen on the 3rd floor of The Gateway, Harbour City, Tsim Sha Tsui by the journalist yesterday afternoon, besides there is purchase limitation of one three-bedroom unit or two two-bedroom units and four units at the most for this group. At 3:30pm, Group B of individual customers were arranged to register and select, and there were about 50 to 60 people waiting with many among are young buyers, besides there is purchase limitation of one to two units for this group.

The MARINI, which had accumulated more than 4,200 applications, put on sale 136 units and began to register and select at 4 pm yesterday. There were about 60 groups of customers present, and each registered buyer could buy up to 2 units.

Leong ChiKin: New projects were launched together, and each has its own way.

The Chairman of Wheelock Leong ChiKin expresses, it was not clearance sale to put on sale GRAND MARINI and MARINI together yesterday, but just for customers’ need since MARINI had some units left over earlier. He also points out that in the near future, developers is believed would rush to launch more new projects in succession, however they will not compete with each other but have their own ways. According to a spokesman for Wheelock, GRAND MARINI sold 133 units yesterday, accounting for more than 73% of 182 saleable units, and cashed out HKD1.17 billion, while MARINI had sold 490 units accounting for more than 77% of saleable units and cashed out more than HKD3.71 billion.

The APAC Vice President and Residential Department President of Centaline Property, Chen WingKit expresses, the attendance rate of group A buyer of their company was about 80%, and the largest buyer planned to buy a three-room apartment for HKD12-13 million, also developer had reserved 78 units for this group. He believes many three-bedroom units of the two phases that put on sale yesterday attracting the middle-class customers and houses changing customers reflects that the intention to enter the market was not affected by the Sino-US trade frictions and social events. Recently, there will be first-hand properties being put on sale, including Cullinan West III on top of Nam Cheong Station. It is believed that some customers will be grabbed, and the first-hand transactions in this month are expected to exceed 2,000 cases.

The Chief Executive of the Midland Real Estate Residential Department, Po Siuming expresses, the biggest customer of their company spent HKD16 million to buy 2 units for investment and self-occupation. Buyers through their company are about 80% users and 20% investors, and about 60-70% of post-80s and post-90s buyers were attracted due to the low cost for each unit in this project. He predicts the sq ft rent to up to HKD45 after occupation, with the rental return at about 3-3.5%.

The first-hand property transaction is estimated to break 2,300 cases.

He expects there will be five new projects for sale in this month, with the first-hand property transactions might exceed 2,300 cases and the second-hand property transactions would be record about 3,000 cases. Buyers’ confidence in the market rose as the government formally withdrew the "Fugitive Offenders Regulations". He believes property prices would fall by 5% in the third quarter and develop steadily in the fourth quarter.

On the other side, the sale of Cullinan West III on top of Nam Cheong Station developed by SHKP and MTR is coming soon, and same series project Imperial Cullinan nearby Olympic Station of the adjacent district sold room A on the 39th floor of block 3 at HKD33 million yesterday, and it is three-bedroom one suite with worker room in usable area of 1,069 sq ft, leading the sq ft price to HKD30,870; Same series project Victoria Harbour in North Point sold room A on the 19th floor in block 5A which is one-bedroom unit in usable area of 364 sq ft at HKD16.0477 million, with the usabele area sq ft price at HKD44,087.
Translated by 28Hse.com . All right reserved.