15 WESTERN STREET offers prices lower 10%, with the average sq ft price for the first batch at HKD28,000.
At the beginning of the new year, developers are scrambling to launch new housing estates, while the opening prices are restrained facing the economic downturn in Hong Kong. 15 WESTERN STREET in Sai Ying Pun, co-developed by Vanke (Hong Kong) and Cheung Hung Development with the pre-sale period in about 21 months, yesterday announced the first price list for 50 units at discounted average sq ft price of HKD27,919, 7% lower than the discounted average sq ft price of HKD29,988 for the first price list of One.ArtLane of the same district in September 2018, also 10% lower than the current sq ft prices of the first-hand housing estates and second-hand properties in the same district, besides the lowest price for open style unit of 213 sq ft is HKD5.939 million.
(By Leong Yuet Kam)
The Executive Director of Vanke (Hong Kong), Chau Ming-hei expresses, 15 WESTERN STREET is the first housing estate launched in 2020, and its prices are described as “opening prices in 2020”, also they refer to prices of nearby new housing estates and consider current market conditions, thus the prices are reasonable. The housing estate opened the sample flats to the public for visiting yesterday afternoon and started to collect applications immediately, while the sales are expected to start next week.
Vanke: Sales are expected to start next week.
He points out that the first price list of the project includes 20 open-style units and 30 one-bedroom units in areas of 213 -344 sq ft, and the prices are HKD7.07 million to HKD11.473 million. The developer offers 4 payment methods, including the 120-day cash payment method, 120-day first mortgage payment method, 120-day second mortgage payment method, and construction period payment, with discounts of 8% to 16%. Based on the highest discount, the average discounted sq ft price is HKD27,919, and all the discounted prices of the entire batch of units are less than HKD10 million, besides the discounted prices are HKD5.939 million to HKD9.918 million. If based on the 8% discount for the construction period payment method, there are 11 units at discounted prices under HKD10 million, and these are believed to benefit from the mortgage insurance relaxation measure.
Free title contract fees are given as a present.
Chau Ming-hei expresses, if you choose the construction period payment method, the down payment is only 5% of the property price and the remaining 95% is paid when the building is handed over. At the same time, the developer cooperates with the Italian furniture brand Clei, thus purchasers of open style units of this project can buy one set of folding furniture which can be turned into a dining table or bed with a discount of HKD500. The developer will also be responsible for paying the title contract fees since it is under the old title. It is reported that the related expenses are generally aboutHKD50,000-100,000 per unit.
Henderson’s THE RICHMOND in Midlevels West is under deployment of launching soon. He believes that the two projects have their characteristics and are less than 200 units in total, so it is believed that the launches at the same time will make the market more exciting. He also expects that driven by users, the property market in Hong Kong would develop steadily and steadily this year.
Wetland Seasons Park is put on sale today.
Besides, SHKP will put on sale the first 381 units of Wetland Seasons Park in Tin Shui Wai today, and 375 units among are put on sale at a price list while 6 villas among are by tenders. The developer announces that it had collected 7,370 letters of property purchase intent, an over-subscription of 18.6 times based on 375 units.
As for the 2 large units that the transactions were abandoned of Cheung Kong’s Harbour Glory in North Point, they will be put on sale by daily tenders from January 13 to March 31.
Also, 84 units additionally launched by CITIC Pacific’s The Entrance in Ma On Shan will be put on sale by daily tenders next Monday to the end of April.
In terms of first-hand property transactions, Kingboard Chemical’s The Cavaridge in Sha Tin recorded two more transactions. No. 26 villa was sold for more than HKD116 million, with the sq ft price at HKD26,961 based on the area of 4,320 sq ft; Ground floor room C in block 2 was sold for HKD44.716 million, with the sq ft price at HKD20,025 based on the area of 2,233.
