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Hong Kong Property Market - Yr.2020 Aug: Average price per sq feet $11577 2.4%   (last month:$11862)
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Over 10 First-Hand Property Transactions Have Been Terminated Less than Half a Month.

Image Caption
Escalated violence strikes the market atmosphere. Buyers would rather lose hundreds of thousands of HKD than finish the trading.

Hong Kong Wen Wei Po (By Leong Yuet Kam)

Housing confidence is tested as the violent conflict in Hong Kong has escalated again, leading the first-hand property transactions obviously to fall, and many closed sales reappear. There were only 14 first-hand property transactions in Hong Kong yesterday, while more than 10 closed sales have been recorded since the beginning of this month, and among them, there was even house which had been purchased at the beginning of this month came across closed sales in less than half a month. PARK YOHO Napoli in Kam Tin, Yuen Long recorded a closed sale for a three-bedroom unit over HKD11 million, and the buyer is expected to lose about HKD570,000.

According to the transaction record, Room B on the 7th floor of block 27B of SHKP’s PARK YOHO Napoli in Kam Tin, Yuen Long, with usable area of 718 sq ft and layout of three-bedroom, had been sold for HKD11.3517 million at the beginning of November, but buyer finally canceled the transaction, and developer is estimated to confiscate the 5% deposit involving about HKD570,000.

The Grand Marine has successively recorded 3 closed sales, confiscating HKD870,000.

Grand Ming Group launched the first round of 375 units of The Grand Marine in Tsing on the 1st of this month, while it has recorded 3 closed sales recently. These 3 closed sales are from room G on the 8th floor of block 1, room B on the 25th floor of block 2, and room F on the 25th floor of block 2, all of which were sold in the first round of sales on the 1st of this month, and the transaction prices were HKD4.629-7.394 million, so it is estimated that three buyers were confiscated 5% deposit involving HKD231,400 to HKD369,700, a total of more than HKD870,000.

Only 14 first-hand property transactions were made in Hong Kong yesterday. SHKP’s Cullinan West III on top of Nam Cheong Station and PARK YOHO Napoli in Kam Tin, Yuen Long each accounted for two. Cullinan West III sold room A on the 50th floor in block 8 through the tender, and it is a four-bedroom double-suite apartment in a usable area of 1,513 sq ft, with the transaction price up to HKD48.8 million and the sq ft price at HKD32,254.

Ccrescent Green has collected over 200 applications, an over-subscription of 2 times.

Regarding the frequent violent conflicts in recent days, the Sales and Marketing Director of Road King Properties, Chung Choi-ling expresses, the Group has prepared for the opening sales situation of Ccrescent Green in Au Tau, Yuen Long on this Friday, and safety will be the primary concern. Ccrescent Green will put on sale the first round of 82 units this Friday, and 67 units among will be publicly put on sale in form of price list and another 15 will be put on sale by tenders. The market source points out that, this project has collected over 200 applications, an over-subscription of 2 times base on the 67 units in the first price list. Chung Choi-ling points out that 70% of the applicants are from the New Territories and mainly customers who want to change houses.

Both the Centaline Mortgage and the mReferral Mortgage offer mortgage concessions to Ccrescent Green buyers. The Managing Director of Centaline Mortgage, Wong Mei-fung expresses, one of them is “low-interest high rebate mortgage”, through which the lending institution will provide a minimum interest rate of H+1.24% in the whole period and a cash rebate of 1.5%; The other is “ low initial for pre-sale cash payment mortgages”, providing up to 80% mortgage in the minimum interest rate of P-2.5% (P is 5.25%) in the whole period and a cash rebate of 0.5% of the highest. The Chief Operating Officer of mReferral Mortgage Brokerage Services, Cheong Ho-hei expresses, one is interest rate of H+1.24% in the whole period and a cash rebate of 1%; The other is high percentage mortgage in the maximum 80% of the property price, with the interest rate in P-2.5% of the lowest and a cash rebate of 0.5%.

The first-hand property transactions are expected to reach 2,000 in the whole month.

In addition, SHKP’s PARK YOHO Napoli in Yuen Long is scheduled to put on sale13 units this Saturday. SHKP’s existing project St Barths Villa in Ma On Shan successively sold 3 villas yesterday, including Jasmine Avenue No.3 and No.10 Villa and Violet Avenue No.5 Villa, with the transaction prices at HKD47.7629-52.4844 million. According to the transaction record, three buyers all chose 1,830-day super long transaction period (5-year trading period) and the occupation before payment plan.

The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-kit expresses, the government has relaxed the mortgage insurance property price upper limit and activated the property market, and the trading of small-medium-sized properties within HKD10 million is active. There have been a lot of positive factors recently, including local banks cutting interest rates, and the improved market sentiment. The first-hand property trading is booming, with more than 1,200 transactions so far, so it is expected to have 2,000 transactions in the whole month and also 2,000 transactions for the second-hand property transactions. He points out that the policy of relaxing the mortgage not only benefits the starter homes but also will drive the chain of houses changing next round, and it is estimated the trend will spread to large size properties. Due to the general restrained pricing in the first-hand property market, plus developers provide high percentage mortgage schemes, so the first-hand properties are more attractive than the second-hand properties.
Translated by 28Hse.com . All right reserved.