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T Plus Appears 8 Cases of Forfeiture of Deposit under the Impact of the Relaxation Measures.

Image Caption
All are open style units buyers who refused to finish the transaction on the last stage.

Hong Kong Wen Wei Po (By Leong Yuet-kam, Ngan Lun-lok)

The government’s relaxation of property prices upper limit under the mortgage insurance plan for the first buyers enlivens the first-hand and second-hand property markets but suppresses the tiny house market. T Plus which is known as the "Dragon Bed” project and developed by mainland company Jiayuan and Wong Tang Shing Po family in Tuen Mun, appeared 8 big cases of forfeiture of deposit, the most on one single day in over half year among first-hand projects, besides developers confiscated totally HKD2.356 million.

According to the transaction register, the transactions for 8 units of T Plus terminated on October 21st in procedure of hand over, and they include room 3 on the 7th floor, room 12 on the 9th floor, room 15 on the 10th floor, room 7 on the 16the floor, room 22 on the 17th floor, room 27 on the 17th floor, room 11 on the 19th floor, and room 21 on the 20th floor, with areas in 164-171 sq ft and transactions prices at HKD2.72-3.25 million, besides they are all open style units. The above buyers purchased the units on July 14 and signed the formal sale and purchase agreements in the same month. It is estimated that each buyer will lose 10% of the total amount, about HKD272,000-325,000, and developers will confiscate a total of HKD2.356 million.

It is the first-hand project that has the most cases of forfeiture of deposit in over the past six months.

Since its launch in December last year, T Plus has sold 342 units, accounting for 96% of the total. This project has recorded 11 cases (including 8 cases this time) of forfeiture of deposit, and it becomes the first-hand project has the most cases of forfeiture of deposit after Nan Fung’s LOHAS Park LP6 in Tsueng Kwan had 14 cases of forfeiture of deposit on one single day in March.

According to an industry insider, the Government’s new measures enable high-income earners with loan repayment ability to buy larger units by the low down payment, so the demand for tiny-houses below 200 sq ft will reduce, also the investment value of such property will reduce, thus some investors may leave.
The Grand Marine in Tsing Yi will offer prices today of the soonest.

On the other hand, developers try to put on sale of new projects to attract customers. Grand Ming’s The Grand Marine in Tsing Yi will offer prices today of the soonest. The Sales and Marketing Director of Grand Ming, Ngan King-fung expresses, there will be no less than 156 units in the first price list, and the main supply will be one-bedroom and two-bedroom units in 278-438 sq ft. Among them, the sale prices of most one-bedroom units are less than HKD8 million, which is in line with the new measures. Ngan also points out that, the project will open sample flats and start to collect applications immediately after the prices are offered, and the deployment will be carried out at the end of this month or early next month.

For the government to relax the property price upper limit under mortgage insurance plan, ceiling, Ngan King-fung believes that measures can help the public to buy their first house, and release the purchasing power from the second-hand property owners, thus it will help speed up the changing of houses, also will benefit both the first-hand and the second-hand property markets. Ngan also believes that the "social incident" in Hong Kong is only short-lived, and hopes that the community can resume normal operation as soon as possible, also estimates that property prices will develop steadily.

GRAND MARINI additionally launches more.

LOHAS Park GRAND MARINI in Tsueng Kwan developed by Wheelock and MTR additionally launched 51 units in 353-785 sq ft last night, and the discounted prices are HKD6.429-13.529 million after deducting the highest discount of 21.5%, besides there is a markup of about 1% from that of the same style units in the first price list. This project will put on sale 101 units this Saturday.

In addition, the Assistant Marketing General Manager of Wheelock, Chen Wak-chi expresses, ONE HOMANTIN in Ho Man Tin may put on sale 2 feature units by bidding and the decoration fee for the sample flat feature unit room A on the 19th floor of block 2 among is up to HKD7 million.

Seaside Sonata developed by Cheung Kong and URA in Cheung Sha Wan will carry out the second round of sales of 176 units this Friday. The Assistant Chief Manager (Sales) of Cheung Kong, Ho Ka-yan expresses, the prices for two-bedroom units in this batch are under HKD10 million, and it is estimated that the proportion of customers using construction period payment will rise to about 30% to 40% benefiting from the relaxation of the mortgage upper limit. Ho Ka-yan also points out that about 80% to 90% of the customers focus on this project will purchase in the second round of sales, and 75% of them like two-bedroom units.

Henderson villa project in Mai Po increases supply by relaxation of plot ratio.

In addition, Henderson's Kam Pok Road project in Mai Po, Yuen Long increases its supply by one time to 65 2-story detached houses, and the average area is reduced by 51% to about 1,249 sq ft. According to its documents submitted to the Town Planning Board, the project covers an area of 405,800 sq ft, and the plot ratio of the new scheme is about 0.2 times, leading the buildable residential floor area to about 81,200 sq ft, which is close to the previous scheme approved in 2015, also there will be 4,058 sq ft for non-residential floor area. The applicant stated that it is in line with the government to increase the number of housing units.
Translated by 28Hse.com . All right reserved.