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15 Western Street in Sai Ying Pun Warms up Slowly and Only 26% Was Sold on the First Day.

Image Caption
The Richmond in Midlevels West suddenly enter the market with the lowest cost for 206 sq ft unit at HKD5.98 million.

Hong Kong Island West breaks out fierce competition for starter homes. 15 Western Street, which is developed by Mainland company Vanke and Changhong and had collected over 260 applications, was launched at average discounted sq ft price 10% under market level of HKD27,919, and it put on sale the first round of sales of 50 units yesterday, while only 13 were sold on one day, with the sales rate in 26% and investors accounting for half of the total. On the other side, Henderson Land’s the Richmond in Robinson Road, Midlevels West last night suddenly announced the first price list of 30 units at market prices, with the average sq ft price at HKD32,256 and the discounted average sq ft price of HKD29,998 under Immediate Payment Plan after deducting the maximum 7% discount, besides the lowest discounted price for 206 sq ft open-style unit under Immediate Payment Plan is HKD5.988 million.

Hong Kong Wen Wei Po (By Lai ChiTin, Leong Yuet Kam)

According to the Hong Kong Wen Wei Po reporter's observation at the 15 Western Street Sales Office, the prospective buyers registered since at 3 o'clock yesterday, and about more than 10 groups of prospective buyers attended, also there were foreign prospective buyers, besides 3 to 4 groups are large buyers. The market source points out that, nearly 15 groups of prospective buyers have registered, and 13 units have been selected and subscribed by buyers all day, accounting for 26% of the available units. 11 open-style units were sold, accounting for 84.6% of units sold and the other 2 are room E in the layout of one-bedroom. As for rooms A and B also in the layout of one-bedroom, no transaction has been recorded.

Vanke says the sales of 15 Western Street meet expectations.

The Executive Director of Vanke Hong Kong, Chau Ming-hei expresses, the sales meet expectations, and it is predicted there will continue to be more transactions on Saturday and Sunday, besides the 13 units sold yesterday cashing out nearly HKD100 million, with 213 sq ft open style rooms C and D on the 15th floor at the highest sq ft price, both up to HKD32,934. Among them, there were two units purchased by foreign couples, with a total value of nearly HKD14 million.

A prospective buyer, Miss Woo, disclosed to the reporter that she intended to purchase for investment. Asked if she would worry about the downside risk of the future property market, Miss Woo considered that there are not only the property price but also other factors when buying a property. She pointed out that she had studied the trend of the property market and still had confidence in the future, so she decided to enter the market now.

The Chief Sales Director of Centaline Property Midlevels West Branch, Lee Wai expresses, project investors account for 70% and users account for 30%. He also points out that the first round sales of single buildings in Hong Kong Island before have been so so, and it needs to be digested slowly, also the rent can refer to One.ArtLane, besides the rate of return is about 3-4% and the sq ft rent can up to HKD100.

The Chief Executive of the Midland Real Estate Residential Department, Po Siuming expresses, the rental demand for the project is largely due to its good location and small units that are popular in the market, attracting long-term rental investors to enter the market, and this kind of customers account for about half of the company's customers, also it is expected that the sq ft rent will reach HKD90-100 with a rate of return of more than 3% after the completion of the project.

The Richmond will collect applications next week.

As for other developers, Henderson Land’s The Richmond in Robinson Road, Midlevels West announced its first price list of 30 units close to market prices last night, including 10 open style units and 20 one-bedroom units in usable areas of 206-304 sq ft, and the discounted average sq ft price under Immediate Payment Plan is HKD29998. The General Manager of Henderson Property Sales Department (2), Hon Ka-fai expresses, the first batch units of The Richmond were launched at attractive prices under HKD10 million for all the units, 10 among are under HKD8 million, and the highest discount is 7%, furthermore, open style room C in 206 sq ft on the 3rd floor is at discounted sale price of HKD5,988,270, also the exhibition and sales hall and sample flat of the project in International Finance Centre (IFC) phase one will be open for public on Sunday, then on next Monday the application will begin, while the sales will start before the Lunar New Year of the soonest, besides it is estimated there will be mark up in the future.

Also, SHKP puts on sale the second round of 335 units of Wetland Seasons Park in Tin Shui Wai today, including 331 units for drow lots sales and 4 villas for tenders, and SHKP spokesman expresses this project has collected 6,331 applications, an over-subscription of 18 times.

133 Portofino uploads brochure.

The market source points out that, Sino’s 133 PORTOFINO in Sai Kung has been approved for the pre-sale consents and uploaded the brochure last night, also this project provides 33 units including 26 tiered houses and 7 villas, besides for tiered houses they are mainly three-room and four-room units in usable areas of 704-1,239 sq ft with each unit enjoying private elevator lobby, terrace or platform.

As for villas, they are 2,373-3,491 sq ft, in the layout of four-room to five-room, all of which are designed with front and back private gardens, and equipped with double parking spaces, also some have private elevators.
Translated by 28Hse.com . All right reserved.