(By Leong Yuet Kam)
The Grand Marine that had collected 5,854 applications in Tsing Yi publicly put on sale the first batch of 375 units yesterday and sold out on the same day, benefiting from the positive factors of Government’s relaxation of property price upper limit under mortgage insurance plan, Hong Kong Banks cutting the prime mortgage rates by 0.125%, and the project attracting customers by pricing of 15% lower. The Sales and Marketing Director of Developer Grand Ming Group, Ngan King-fung expresses the satisfaction of all the units being sold, and buyers are mainly users, also some bought two units. She believes there will be additionally launching in the short-term to speed up the pace of buyers entering the market under the favorable conditions of interest rate cuts and mortgage insurance measures.
Yesterday, The Grand Marine in Tsing Yi put on sale 388 units, 375 units of which were on sale publicly, and the other 13 three-bedroom units were put on sale by tenders. The public offering units are in layouts of one-bedroom to three-bedroom, with the discounted average sq ft price at about HKD15,000, and the discounted lowest price under the cash payment plan for a one-bedroom unit was HKD4.321 million; The discounted prices for 85% of the units under construction period payment plan are under HKD8 million.
The developer has arranged the draw lots for picking orders on the day before yesterday. The prospective buyers should have started to register in the sales office in Tsim Sha Tsui at 9:00 am yesterday by the plan, while customers had already queued at 8:45 am as the reporters seen, so the developer arranged the prospective purchasers to enter the sale office at over 9:00 am and started house picking at 10:00 am. According to market source, the first buyer purchased 2 units, which are room C on the 6th floor in block 2 and room C on the 9th floor of block 2A, in areas of 413 sq ft and 300 sq ft respectively, and the sale prices in price list are HKD7.446 million and HKD5.706 million respectively. The market source points out that this project had sold out at 8 o'clock last night.
Midland: Investors account for 30%.
The Chief Executive of the Midland Real Estate Residential Department, Po Siuming expresses, this project offers lower unit prices, attracting many young customers accounting for 70% to enter the market. As for the proportion of users in this project, it is about 70%, and investors account for 30%. There were 12-13 groups of large customers who arrived through this company, and one among spent over HKD24 million to buy 3 units in the layout of three-bedroom for their own use by prediction. Another group of large customers from the same district bought 2 units for about HKD12 million, and a two-bedroom unit of which will be for own use while the one-bedroom unit will be for investment.
The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-kit also believes positive factors that small unit price, Hong Kong banks’ first interest rate cut of in 11 years, the government’s relaxation of mortgage insurance and so on benefit the sales of this project.
He believes, after the government relaxed the property price upper limit under the mortgage insurance plan, the proportion of first-hand property buyers changing to use construction period payment plan from cash payment plan when using mortgage insurance during occupation will increase to about 30%. In addition, although the bank's interest rate cuts have positively driven the property market, the situation of price down transaction up will be maintained in short term since Hong Kong is still affected by the "social movement" and the Sino-US trade war, and it is expected that the second-hand property prices will fall by 3-5% to the end of the year, also the annual property prices fluctuation will return to the initial stages.
One Eighty has over-subscription of 4.6 times.
On the other hand, the application for tiny project One Eighty launched by old developer Lam’s family at market prices in Shau Kei Wan was closed yesterday. The market source points out that it had collected 298 applications, an over-subscription of 4.6 times base on the first batch of 53 units that are put on sale today.
La Salle Residence increases discounts to cut the price by 13.7% in disguised form.
As for Ho Man Tin La Salle Residence, which in July had launched the first batch of 30 units at highest sq ft price (the discounted average sq ft price of HKD31,271) of this year in Kowloon while suddenly canceled the sales on 25th of the same month ahead of the sales, developer Fullsun revised price list yesterday, largely increasing the total discount from 7.25% to 21%, a price cut of 13.75% in disguised form, and it includes increasing the early buy early enjoy discount from 3% to 6% and excellent stamp duty discount from 4.25% to 15%, besides the amendment will be effective next Tuesday.
After the increase in discounts, the discounted average sq ft price of the first batch of 30 units in La Salle Residence is HKD24,704, which was still 1.6% higher than the discounted average sq ft price of the first price list in April of Timber House developed by New World and Henderson in Waterloo Rd, Ho Man Tin, and the discounted lowest price for unit of 260 sq ft is HKD 6.311 million.
T Plus developed by Jiayuan and Stan Group in Tuen Mun will put on sale 12 units next Thursday, and they include 8 units that came across cases of forfeiture of deposit. The developer arranges 4 units to the employees of the group for the privileged subscription. The application for this project will be from today to next Wednesday, and houses selecting order will be decided by draw lots next Wednesday.
