The sq ft price for the first batch is HKD18,600, and the lowest cost is HKD6.07 million.
China and the United States have signed the first phase of the agreement, while Hong Kong's economic outlook is not clear, and the pricing of starter homes in urban areas becomes more restrained before the lunar New Year under competition. Hanison Construction’s existing project WEST PARK in Tung Chau Street 256, Cheung Sha Wan yesterday announced the first price list of 30 units at discounted average sq ft price of HKD18,646, lower 16.4% than the discounted average sq ft price of HKD22,309 for the first batch of China Evergrande’s The Vertex of the same district last month, closing to the second-hand property sq ft price in the same district, and the lowest price for 333 sq ft one-bedroom unit is HKD6.07 million. At the same time, the developer announced to put on sale the first batch of 13 units on a first-come, first-served basis next Monday.
(By Leong Yuet Kam)
The Project Management Director of Hanison Construction, Chau Ka-fong describes, WEST PARK launched the first batch at joyful prices, lower over 10% than the sq ft prices for the new projects in the same district, and the units include layouts of one-bedroom to two-bedroom with office room in 333-493 sq ft, also it provides 120-day, 150-day and 180-day payment methods, with a discount rate of 6% to 8%. At a maximum discount of 8%, all units are at discounted prices less than HKD10 million, and 26 units among are less than HKD8 million, thus they can apply for 90% of the mortgage insurance. Besides, buyers of rooms B (493 sq ft) above the 11th floor can subscribe for one parking space.
Next Monday, 13 units will be put on sale by first come, first served.
He also points out that the prices of the first batch of units are more favorable, and it is not excluded that there will be mark up in the future. The existing sample flats have been opened to the public, and 200 groups of visitors had been recorded until yesterday, also the first batch of 13 units locating from the 9th to 13th floors in 333-493 sq ft will be put on sale by the first come first served next Monday, with the discounted sale prices of HKD6.154 million to HKD8.95 million.
Midland: The demand for small and medium-sized properties is strong in the district.
The Director of Midland, Chen Kwong-ming expresses, the demand for small and medium-sized units in Cheung Sha Wan and Sham Shui Po districts is strong, and the proportion of 300-500 sq ft units among the first-hand properties sold in these two districts last year was up to 46% being the highest among all types of units, according to the first-hand residential property sales information network. And West Park's units are between 333 sq ft and 493 sq ft, which are expected to be ideal for leasing.
The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-kit points out that, the discounted average sq ft price of WEST PARK is similar to the second-hand sq ft price in the same district, but the supply of brand-new two-bedroom units under HKD7 million in the same district is lack, also high-rise units in WEST PARK enjoys sea view, so the prices are competitive.
It had been hotel formerly, and the renovation fee was over HKD110 million.
WEST PARK in Cheung Sha Wan formerly was known as the Ovolo Hotel, which was purchased by Hanison Construction in 2016 for HKD341 million. The total area of the project is about 38800 sq ft including 63 rooms with the average value of each room at HKD5.419 million, leading the sq ft price to above HKD8,700, and the project was transferred together with the hotel license at that time. The current property has been renovated, changing into residential use, and being put on sale as the first-hand property. Chau Ka-fong expresses, spending over HKD110 million, it had been renovated in large-scale, including layout modification, upgrading of lift facilities, external wall design, etc., and the renovation cost per sq ft is about HKD4000, besides it provides 63 units.
The Richmond will be put on sale next Tuesday.
On the other side, Henderson Land’s The Richmond in Robinson Road, Midlevels West, which had announced the price list for the first batch of 30 units in the early time, had received over-subscription of more than 3.5 times as of 6:00 last night. The Proxy General Manager of Sales Department (Two) of Henderson property, Hon Ka-fai expresses, 30 units will be put on sale next Tuesday, and the application will be closed next Monday, as well as the draw lots will start at the same time. The first batch units are 206-304 sq ft, at discounted prices of HKD5.988-8.989 million, and discounted sq ft prices of HKD28,160-33,096.
As for Wheelock’s MONTEREY in Tseung Kwan O South, it launches room A on the 11th-floor of block 9A for tenders, and this is four-bedroom feature unit in 1,670 sq ft joining platform of 104 sq ft and rooftop of 1,498 sq ft, the application of which will be closed next Thursday.
In terms of first-hand property transactions, CITIC Pacific’s The Entrance in Ma On Shan sold room C on the 18th floor of block 3 for HKD20.8 million, and it is a three-bedroom unit in 1,193 sq ft, with the sq ft price over HKD17,400.
