The Vertex’s sq ft price is close to HKD22,000, and 244 sq ft house is HKD5.38 million.
Hong Kong Wen Wei Po (by Lai Chi-tin, Leong Yuet Kam)
The competition in the first-hand property market is heating up. Just as the application for K.Wah’s K⋅Summit in Kai Tak which had offered low prices was closed, mainland company China Evergrande rushed to launch the first price list including 86 units of The Vertex in Cheung Sha Wan at high prices, with the average discounted sq ft price at HKD21,979, the highest opening sq ft price in West Kowloon since the Residential Properties (First-hand Sales) Ordinance launched in 2013. Although it is 4% lower than the average discounted sq ft price of K⋅Summit in Kai Tak, it is 8.4% and 26% higher than the average discounted sq ft prices of the first batches of Cullinan West III on top of Nam Cheong Station and Seaside Sonata being launched respectively in September and October in the same district. The lowest cost for the 244 sq ft open style unit is HKD5.378 million, which is lower than that of K⋅Summit, and it is expected to be put on sale as soon as next weekend.
The Vertex in a pre-sale period of about 23 months uploaded the first price list of 86 units in the evening, including open style, one-bedroom, and two-bedroom units in areas of 238-416 sq ft, with the prices at HKD6.218-10.533 million and the sq ft prices at HKD24,141-17,794.
It is 41.5% higher than the prices of the four leading housing estates in West Kowloon.
The project provides Cash Payment Plan within 90 days, offering 12% discounts of the property prices, that is, the discounted actual prices under Cash Payment Plan are HKD5.471-9.269 million, with the average discounted sq ft price at HKD22,309. At the same time, the developer also provides a fixed price cash rebate at 5% of the transaction price depending on the type of house, and the average discounted sq ft price is HKD21,979 after deducting this rebate, which is the highest opening price in West Kowloon after the Residential Properties (First-hand Sales) Ordinance launched in 2013, besides the discounted lowest cost for open style unit is HKD5.378 million.
The price is respectively higher 8.4% and 26% than the average discounted sq ft price of the first batch at HKD21,722 of SHKP’s Cullinan West III on top of Nam Cheong Station launched in September and that at HKD18,688 of Cheung Kong’s Seaside Sonata launched in October in the same district. The Vertex’s price is also higher 28.8% to 41.5% compared to the second-hand property average sq ft price of estates such as the four leading projects in the same district between HKD16,639 to HKD18,280.
The discounted prices of all units in the first price list are lower than HKD10 million under Cash Payment Method within 90 days, and the unit at the lowest cost is room D on the 5th floor of the west wing, which is an open style unit in 244 sq ft and at discounted usable area price of HKD5.378 million. As for the lowest discounted usable area prices of one-bedroom and two-bedroom, they are HKD6.218 million and HKD8.25 million respectively. If choosing Construction Period Payment, there are also 82 units at discounted usable area prices of less than HKD10 million, eligible for mortgage insurance application, and the down payment is only 5% of the property price, then another 5% of the property price will be paid within one year, while the remaining will be paid in occupation.
Nearly 70% can apply for mortgage insurance up to 90%.
The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-kit expresses, this project has the advantage of a small cost, and nearly 70% of the first batch can apply for mortgage insurance up to 90%, attracting the first housing customers. In addition, new properties in Kowloon urban area lower than HKD6 million are rare, and the future rental returns can reach 3% or more.
The Vertex is located at 29 Tonkin Street, with a total of 414 units, including open-style to 3-bedroom units of 203 -758 sq ft, and the project will have two clubs located on the 3rd and 36th floors, also there will be a shopping mall on the 1st to 2nd floors . The key date of the project is Sunday, October 31, 2021.