A 277 sq ft unit is at the lowest price of HKD5.46 million, and the sales will start on Buddha's Birthday.
Developers successively deploy the sales of first-hand properties when the COVID-19 epidemic has eased. Since June 2018, SHKP has been selling the St Martin Phase 1 in Pak Shek Kok of Tai Po by tender. It suddenly announced the first price list involving 162 units of the project, which has been occupied, at a discounted average sq ft price of HKD17,109, similar to that of the 128 units on the first price list of phase 2 in July 2018 at HKD17,380. It is a price back in time. And the lowest discounted price for a 277 sq ft unit is HKD5.468 million. Lui Ting, the Vice Managing Director of Sun Hung Kai expresses that the price in St Martin Phase 1's first price list is similar to the sq ft price of units that had been sold by tender last year.
Hong Kong Wen Wei Po Journalist(Leong Yuet Kam)
St Martin Phase 1's first price list involves 162 units of open style single room to three-bedroom two suites that connecting with storage and study in 277-932 sq ft. The prices are HKD5.6372-23.714 million, and the sq ft prices are HKD13,918-24,881. The discounted prices are HKD5.46-23 million, and the discounted sq ft prices are HKD13,500-24,135 after the highest discount of 3% for 120-day payment. The cheapest one, Room B on the 6th floor of Block 6, with the area of 277 sq ft, is at a discounted price of HKD5.468 million and sq ft price of HKD19,711. The Room B1 on the 1st floor of Block 5 and Room B1 on the 3rd floor of Block 7 have the lowest discounted sq ft price of HKD13,500.
The lowest sq ft price is HKD13,500.
St Martin Phase 1, which has 804 units, is the first time to announce the price list, while it had been selling by tender since June 2018, and the buyer would bid to buy the apartments. All sectors of society and the Hong Kong government highly concerned its sales because of the alleged lack of transparency in the sales process. The Sales of First-hand Residential Properties Authority (SRPA) had prosecuted its alleged failure to provide complete information on payment terms in the transaction record book and fined HKD50,000.
There have been many setbacks since the project was launched. The sq ft transaction price had been above HKD18,000-20,000 during the first stage of the tender was launched in July 2018, and it even went to a new high of the project at HKD30,000. SHKP immediately supplied rebate at a large amount to cut by 20% in disguised form, when Sino put on sale Mayfair By The Sea 8 at prices lower than the market level at the beginning of last year. The sq ft price had been lower to HKD12,500 after rebate, and the average sq ft price was about HKD17,000. Affected by the epidemic at the beginning of this year, some buyers chose to abandon transactions during the hand over of the project, and at least 11 abandoned transactions at large amounts were recorded in the market last month. The project has sold more than 560 units so far, and there are currently about 240 units remaining.
There have been many setbacks during the sales over the past two years.
The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-Kit expresses that the discounted sq ft price of St Martin Phase 1's first price list is similar to that for the Phase 2 of the project in mid-2018. It was attractive that the prices in this project had maintained even though the leading property prices had been rising to a certain degree after then. The discounted lowest price was only HKD5.468 million, which is very attractive to the first housing people. Buyers like low-density living environment that can prevent the epidemic and this project has advantages of the seaside and good air quality.
He also points out that many buyers choose to preserve the value by housing recently under the factors of the ease of epidemic in Hong Kong, the Global Quantitative Easing, the currency devaluation, and the low-interest-rates environment. So, the market sentiment gradually improves, and the project is expected to sell well.
Ocean Supreme recorded 3 abandoned transactions.
Besides, Cheung Kong recorded 3 abandoned transactions at large amounts in Ocean Supreme, Tsuen Wan successively. Three buyers all chose the construction period payment. It is estimated they had paid a deposit of 15%, which means they lost about HKD5 million. According to the transaction record book of the project, the units of which the sales contract were terminated include Room C on the Floor 52 in Block 1, Room B on the Floor 11 in Block 3C, and Room B on the Floor 50 in Block 5B. The transaction prices range from HKD8.103 million to HKD15.454 million. Room C on Floor 52 in Block 1 is a three-bedroom unit with an area of 807 sq ft. It is estimated the buyer may lose over HKD2.31 million. The remaining two units are two-bedroom households, with losses of more than HKD1.21 million and HKD1.48 million, respectively. The developer announced that it would resell the above three units on the 24th of this month.
Yesterday, Nan Fung also announced to put on sale 56 units of LOHAS Park LP6 in Tsueng Kwan next Tuesday, including 36 units that would be put on sale on a first-come-first-served basis and 20 units which will be put on sale on tenders.