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Kai Tak K⋅Summit Provides Mainly Starter Homes; Prices Will Be Offered Today of the Soonest; Small-sized Units Are over 800 with Two-Bedroom Units Accounting a Half.

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Hong Kong Wen Wei Po (By Leong Yuet Kam)

The developer K.Wah International re-deployed the sales of Kai Tak K⋅Summit, which had previously stopped sales and deployment due to violent demonstration conflicts that severely impeded traffic in early. The Sales and Marketing Planning Director (Hong Kong Properties) of K.Wah International, Wan Wai-ming yesterday expressed that K⋅Summit will offer prices today at soon as possible, and will open sample flats to the public within the day, also it is expected the sale will start within one to two weeks.

Asked if they would worry about the sales of K⋅Summit regarding the rise in the unemployment rate in Hong Kong and the reduction in residential land prices in Kai Tak District plus with the slow sales pace of Upper River Bank in the same district, he believes K⋅Summit providing 1,006 units targets the first housing customer group, with two-bedroom or smaller units accounting for nearly 80%, and two-bedroom units even account for half.

He also said that social events have had the most impact on grassroots employment in recent months, while the impact on middle class and professionals employment is slight, so the impact on residential property prices may not have much impact, also the booming in the second-hand property trading had driven up the first-hand property market on the contrary, thus he expected K⋅Summit’s units meeting the rigid housing demand could drive the sales and revitalize the market atmosphere.

As for Upper River Bank in the same district providing mainly three-bedroom units, it takes a while to sell due to the larger house cost, while the residential land prices in Kai Tak District decrease because Government continues to launch more residential lands in Kai Tak especially in sea view lands in runway area where generally will be built on luxury projects, so there must be some discounts.

Building 4 villas is the first time in this district.

He also believes that Hong Kong people love Hong Kong very much, otherwise there will not be so many voices. Everyone hopes to build Hong Kong and wants to live and work here. In addition, with a solid foundation in the property market, he has confidence in the Hong Kong market in the long run.

When asked why K⋅Summit would build four villas and becomes the first project supplying villa in Kai Tak, he responded that many customers were interested in purchasing the low-rise whole building but failed to own the whole property in some public places due to deed of mutual covenant problem when the Group was putting on sale K.CITY in the same district, so they boldly tried to join the construction of villas to meet the needs of buyers in this time of developing K⋅Summit. He frankly stated that urban villa buyers have to accept that there is no 100% privacy, otherwise they have to go to the Peak to find a villa.

Victoria Skye plans to launch 13 houses of inventory in the short term.

On the other side, K&K Property’s existing project Victoria Skye in Kai Tak has deployed the sales of houses of inventory. The Investment Department Manager of K&K Property, Chang Chi-wing expresses, after many rounds of sales, Victoria Skye which provides 822 units currently still left 14 units, including 2 feature units in Star Waves Tower, one of which is a compound apartment with a ground garden and a private swimming pool, and the other a compound apartment with a terrace on the top floor joining massage pool and a private pool.

Chang Chi-wing revealed that the group will open the sample flats to the public for a short period of time to visit and launch 13 feature units.
The outlook for Hong Kong's economy and the property market is uncertain, and the situation of abandoned transactions in the first-hand housing projects continues. Cheung Kong's Ocean Supreme in Tsuen Wan recorded 4 abandoned transactions at large amounts on a single day yesterday, and it is estimated developer will confiscate over HKD15 million. All 4 units had been sold from March to May last year, including Rooms A, B on the 31st floor of block 5A, room B on the 41st floor of block 5A, and room B on the 42nd floor of block 5A, with transaction prices ranging from HKD24.062-25.041 million. Buyers all use the "Easy Home Purchase Payment Plan B". It is expected that at least a 20% deposit has been paid, losing HKD4.81-5.008 million.

Ocean Supreme had 4 abandoned transactions on one single day, involving over HKD15 million.

Among them, rooms A and B on the 31st floor of block 5A had been bought by the same buyer, involving a transaction value of more than HKD48 million, and the minimum loss for this order was more than HKD9.78 million. The developer immediately uploaded a new sales arrangement and will put on sale the four units on a daily tender basis from December 2 to February 24 next year.
Translated by 28Hse.com . All right reserved.