There are 108 units in the first price list, with the discounted lowest price at HKD3.881 million.
The government has partially relaxed the restriction of gathering as the easing of the COVID-19 epidemic, relaunching the first-hand properties after more than a month. Wing Tai's OMA by the Sea, which is a pre-sale project for two years in So Kwun Wat, Tuen Mun, launched the first price list including 108 units yesterday, with the average sq ft price at HKD14,505, and the discounted average sq ft price is HKD12,548 after the highest discount of 13.5%. The pricing is much the same with the average sq ft price of the first batch of OMA OMA , a project in So Kwun Wat, Tuen Mun, and was put on sale last June. Compared with the discounted average sq ft price of HKD16,942 for the first batch of Emerald Bay Phase 2 launched last October, the pricing of OMA by the Sea is cheaper by about 26%. The discounted lowest sq ft price is HKD9,983, with the discounted lowest price for 333 sq ft unit in open layout at HKD3.881 million.
Journalist(Leong Yuet Kam)
The Executive Director of Development and Director of Sales and Marketing of Wing Tai Properties Limited, Chung Chi-Lam describes that the first price list just like a start key in Hong Kong city, hoping to help the people of Hong Kong. " The pricing in the first price list is believed to have the absolute advantage in New Territories." Nearly 100 units are under the discounted price of HKD6 million. The market value of the first price list exceeds HKD640 million. He says that there is room for the price increase, and the sample flat was opened to the public yesterday evening, and applications were collected simultaneously.
Nearly 100 units are under the discounted price of HKD6 million.
He believes it is no need to look down the property market even the epidemic hits Hong Kong and says that the traditional indicators such as unemployment rate and repayment ability are insufficient to assess the housing market. Countries of the world are implementing unlimited Quantitative Easing measures currently. Also, Hong Kong people like to invest in the housing market to fight inflation.
There are 108 units in the first price list, including open-layout, one-bedroom, and two-bedroom units, and the unit prices are from HKD4.486-7.332 million. The developer provides four payment methods, the 90-day Immediate Payment Plan among has the highest discount up to 13.5%, leading the discounted prices at HKD3.881-6.342 million and the discounted sq ft prices at HKD9,983-13,709.
The developer also provides the first mortgage up to 80% for individual buyers or corporate buyers with personal guarantees, with the loan period in 24 months, and interest-only during the period. The interest rate is 1.25%. Borrowers, who pay interest on time, can apply for the return of interest payment that has paid as a cash rebate before the mortgage principal is fully paid off. However, this payment method with the first mortgage in 80% is only available for purchasers of four two-bedroom units, including Room B3 on 12-16th and Room B5 on the 16th floor of Block 2. These units are in usable areas of 450-471 sq ft and at sale prices of HKD7.058-7.332 million. The highest discount for it is 8.5%, leading the discounted prices to HKD6.458-6.709 million.
The sq ft price is 24% lower than that of Emerald Bay Phase 2.
There is a comparison with China Evergrande's Emerald Bay Phase 2 that will be put on sale tomorrow in the same district. OMA by the Sea's cheapest unit, Room C6 on the 6th floor of Block 2 in usable area of 333 sq ft, is at a discounted price of HKD3.881 million and a discounted sq ft price of HKD11,654; In contrast, Emerald Bay Phase 2's cheapest unit, Room 1A in Block 5A in usable area of 325 sq ft, is at a discounted price of HKD5.035 million and a discounted sq ft price of HKD15,492. The former is lower to the latter by 24%.
The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-Kit expresses that OMA by the Sea's first batch pricing is much the same as that of the same series first-hand projects in the same district last year. All the discounted prices are lower than HKD8 million, buyers can apply for a high percentage mortgage, and most units are under HKD6 million after discounts. It meets the rigid demand. The cuts of 5-10% are competitive among the first-hand housing projects in the same district.
The Chief Executive of the Midland Real Estate Residential Department, Po Siuming believes the pricing of OMA by the Sea with the discounted average sq ft price at about HKD12,548 is relatively prudent. Since the second-hand average sq ft property price in So Kwun Wat, Tuen Mun, is between HKD11,000 and HKD16,000 currently. He predicts the sq ft rent to exceed HKD35 after the completion of the project, with a rate of return above 3%, which is expected to attract users and investors to enter the market.
A compound apartment in MOUNT PAVILIA was sold for HKD81.65 million.
In the first-hand property market, New World's MOUNT PAVILIA in Clear Water Bay Road sold one compound apartment with a garden for HKD81.651 million, with the sq ft price at HKD25,365. It is G1 in Block B, in a usable area of 3,219 sq ft, and it is four-bedroom-suites. The unit has a 630 sq ft private garden and a swimming pool. SHKP 's One Regent Place in Yuen Long sold the No. 9 house yesterday by tender for HKD30.04 million, and the sq ft price is HKD20,000 base on the usable area of 1,521 sq ft.
