The competitions of low pricing among new projects continue. EMPEROR IHL's Central 8, which has a pre-sale period of about ten months and is located in Mosque Street, Midlevels West, announced the first price list of 30 units yesterday. The discounted average sq ft price is HKD29,820, similar to that of Henderson's The Richmond in Robinson Road of Midlevels West at HKD29,998. While the lowest discounted price for a unit of 181 sq ft in Central 8 is HKD4.888 million, leading it to be the cheapest project of Midlevels West, Hong Kong Island, in the past ten years. This project opened the sample flat to the public and collected applications yesterday afternoon. The market source points out that the number of applications on the first day has almost reached the quota.
Journalist(Leong Yuet Kam)
The Executive Director of EMPEROR IHL, Cheong Bing-Keung, described yesterday that Central 8's pricing is surprised in Midlevels West, and also is 10% lower than the market price. The discounted prices in the first price list are all under HKD10 million, with three under HKD5 million. The pricing has taken into account the factors of the epidemic, the economic environment, and the recent competition among new projects of each district. The project is close to Central and has an 11-area school network. It is believed there will be room for price increases. He pointed out that the sales of this project will start next week of the soonest, and five platform featured units will be tendered for sales.
The platform featured units are planned to bid for sales.
The first price list of Central 8 has 30 units in 181-311 sq ft, including open style and one-bedroom units. The sale prices are HKD5.2-10.461 million, and the discounted prices are HKD4.888-9.833 million after deducting the highest discount for the immediate payment plan. In addition to providing the immediate payment plan, the developer also supplies the first mortgage in 85% immediate payment plan, construction period payment plan, and first mortgage in 85% construction period payment plan. There are also sample flat videos on the project's webpage.
The cheapest one is an open style unit Room D on the 5th floor, with an area of 181 sq ft. The price is HKD5.2 million, and the discounted price is HKD4.888 million. One-bedroom unit Room C on the 5th floor has the lowest sq ft price. It is 310 sq ft and at a discounted price of HKD7.98 million, with the discounted sq ft price at HKD25,741. The project has a total of 99 units in areas of 181-491 sq ft, mainly offers open style and one-bedroom units. There is one 1 unit in the layout of two-bedroom. All units are equipped with furniture and are managed by the Emperor Hotel.
Looking forward to the property market prospect in Hong Kong, Cheong Bing-Keung believed that the recent opening prices had been reduced by 15% from that of early last year. There are continued supports from Quantitative Easing in various countries, the Chinese's fond of housing, continued low-interest-rate environment, the lack of first-hand properties in the next two to three years, and the demand from users. It is believed that property prices will develop steadily this year, and do not need to be pessimistic.
Agents plan to attract investors to enter the market.
The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-Kit, believed the lowest discounted price of HKD4.888 million in this project is attractive. Investors are expected to account for 30% to 40% since they are willing to enter the market for a store of value under Quantitative Easing in various countries. It will attract office tenants in Central and Sheung. The Chief Executive of the Midland Real Estate Residential Department, Po Siuming, also predicts that tenants of this project will have a lot of office workers. The future rent is expected to be HKD80-90, and the rental return will exceed 3%. Therefore, about half of the buyers are expected to be long-term investors.
Information on the first price list of Central 8
Unit Number: 30
Areas: 181-311 sq ft
Prices: HKD5.2-10.4061 million
Average sq ft price: HKD31,723
Maximum discount: 6%
Discounted Prices: HKD4.88-9.833 million
Discounted Average sq ft Price: HKD29,820
Tabulate: Journalist Leong Yuet Kam
