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Hong Kong Property Market - Yr.2019 Dec: Average price per sq feet $11838 4.84%   (last month:$11292)
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Cullinan West III Suddenly Additionally Launches178 Units with the Average Sq Ft Price Is Reduced by 2%.

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2019-10-11-(Fri)
【28Hse.com】  
First-hand projects find ways to attract customers under both declines in prices and transactions in the property market.

Hong Kong Wen Wei Po (By Ngan LunLok)

Although both property prices and transactions have declined recently due to the hit from the recent social atmosphere, a number of developers have not slowed down the project launching. Seaside Sonata in Sham Shui Po developed by Cheung Kong and URA announced the price list of the first batch of 180 units at cheap prices days before to attract customers. Not to be outdone, SHKP also additionally launched about 178 units in Cullinan West III immediately, with the average sq ft price at HKD25,485, about 2% adjustment compared with the No.3 price list. As for Seaside Sonata, it opened sample flat yesterday and recorded over 2,000 person-time of visiting in the first three hours, which is ideal, and the application will start today, also the prices may rise, besides the sale will be put on sold as soon as next week.

Just as the focus of the market is on the occasion of Cheung Kong’s Seaside Sonata in Sham Shui Po, SHKP’s Cullinan West III on top of Nam Cheong Station suddenly additionally launched 178 units yesterday, a strong competitive atmosphere. According to the information, 178 units in the newly added No. 4 price list are distributed in blocks 6-8 with the usable areas in 267-528 sq ft and the layouts from open style to two-bedroom, and the sale prices are HKD7.726 -20.029 million, with the sq ft prices at HKD26,741-38,068.

The prices for upstairs units are 5% cheaper than downstairs units in the new price list.

After deducting the 20% discount, the discounted prices are HKD6.1808-16.0232 million, with the discounted sq ft prices at HKD21,393-30,455 and the discounted average sq ft price at HKD25,485, about 2% of adjustment compared to the average sq ft price in No.3 price list. In fact, the markups for some units in this additionally launch are more than 5%, taking two-bedroom room D of 528 sq ft on 39th floor of block 7 as example, the discounted sale price is HKD15.4384 million, leading the discounted sq ft price to HKD29,239; While room D of 528 sq ft on 40th floor of block 7 which was announced price at the end of September was HKD14.68 million with the discounted sq ft price at HKD27,803. In other words, the price of the lower unit is 5.2% higher than that of the upper unit.

The application for Seaside Sonata starts today and the sales will be next week of the soonest.

It is understood that until now Cullinan West III has sold more than 680 units after two rounds of sales in September. Four-bedroom units which are not launched yet are less, and they will be put on sale by tendering in the short term to meet market requirement. The relative sales arrangements and bidding documents will be uploaded to the Internet in the short term. In contrast, Seaside Sonata in Sham Shui Po developed by Cheung Kong and URA announced the prices list for the first batch of 180 units days before, with the discounted average usable area sq ft price at HKD18,688, 26.7% lower than the average sq ft price for the new batch of Cullinan West, while there are differences on location and surroundings between these two projects, such as Cullinan West III is closer to the sea and there are Shopping malls and railway stations downstair.

Seaside Sonata officially opened the sample flat in Fortune Metropolis, Hung Hom to public at 11:00 am yesterday. The Assistant Chief Manager (Sales) of Cheung Kong, Ho Ka-yan expresses, there were over 2,000 people-time of visiting in the first three hours, with about half from the same district, that is ideal response, and the additional launch will be within couple days of the soonest depending on the market reaction, also there may be mark up, besides the sales will start next week at the soonest.
Cheung Kong also arranged for the media to visit the two-bedroom sample unit yesterday, and it was built with reference to the room E on the 28th floor of Block 3, with a usable area of 507 sq ft. According to the information, Seaside Sonata’s first price list days before involves 180 units, with the highest total discount in 22% under the Cash Payment Plan, and the discounted sale prices of two-bedroom units start from HKD7.217 million, leading the sq ft prices to above from HKD14,789. The discounted sale prices for three-bedroom units start from HKD10,344 million, with the sq ft price from HKD HKD14,054.
The case of forfeiture of deposit in MOUNT PAVILIA includes confiscation of deposit at more than two million HKD.

In addition, New World’s MOUNT PAVILIA in Clear Water Bay Road, Sai Kung recorded a case of forfeiture of deposit. Ground feature unit room B which is 1,609 sq ft of usable area joining with garden in 777 sq ft in block 16 had been sold at HKD40.439 million on the 24th of last month, but recently the buyer canceled the transaction, and it is estimated developer would confiscate 5% deposit of over HKD2.02 million.

According to the Land Registry, a villa in Kam ?? Garden, Kau To Shan has just sold, and this villa in the usable area of 2,541 sq ft was sold with carport for HKD178 million, with the usable area sq ft price at HKD70,051, the new high sq ft price for villas in New Territories. The registered buyer is Mok Kam-lai, the same name as the wife of Woo Chor-loong who is the boss of a mainland developer Galaxy Real Estate.
Translated by 28Hse.com . All right reserved.