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ONTOLO Has Collected 800 Applications with an Over-subscription of above 4 Times.

Image Caption
The sale will start this week possibly, and there will be mark up for additional launched flats.

Hong Kong Wen Wei Po (By Chau HiuChing)

The application for the first price list of ONTOLO in Pak Shek Kok, Tai Po developed by Great Eagle Holdings which put on sale new project again in Hong Kong after three decades is good. The Proxy Deputy General Manager of Sales and Marketing Department of Great Eagle, Leong ShukYee discloses, about 10,000 person-time arrived and nearly 800 applications had been collected until yesterday noon, an over-subscription of more than 4.3 times base on the first price list of 150 units. She also expresses, developer is actively considering the additional launch, and it is expected that the first two rounds of sales and additional launch will be carried out this week, besides there will be mark up for the additional launched units.

The Hong Kong Wen Wei Po reporter saw at the scene yesterday that the queues in the downstairs were crowded, and there were pedestrians who took the initiative to ask for waiting time; Also there were crowded at the sample flat on upstairs, who were mainly family customers. There were many agents attracted customers around the MTR station exit and shopping malls, and some agents promoted that this project is the first new project from Great Eagle after thirty years, which is expected to have different design and decoration from other new projects.

As for the source of customers, Leong ShukYee points out that the customers are mainly from New Territories with more than half of them from the same district, and the remaining are residents of Hong Kong Island and Kowloon, further more users and investors each account for half. This project continues to open the sample flat in the office building of Langham Place to the public.

Flats under HKD8 million are most popular.

At the scene, Centaline representative revealed that among the first price list, the flats below HKD8 million are the most popular, and it is believed that they are mainly family customers. The average discounted sq ft price is only around HKD13,000, nearly 20% lower than that of other projects nearby, which is competitive, making the visitors active.

ONTOLO's first price list consists of 150 units, including one to three-bedroom units from 389 sq ft to 1,231 sq ft, and two-bedroom units among are the main, accounting for about 70%. The average sq ft price is HKD17,173, and the average discounted sq ft price is HKD13,567 after deducting the highest 21% discount, about 15% to 20% less than the second hand property prices in the same district. The discounted cheapest sq ft price is HKD11,446, which is the lowest cheapest sq ft price of new project in Pak Shek Kok in the past year, and the discounted cheapest price for one-bedroom flat of 396 sq ft is HKD5.536 million.

OMA OMA sold another 17 units.

Market source points out that, Wing Tai (0369)'s OMA OMA in Tuen Mun put on sale a new batch of units yesterday, with about 17 units were sold. As of 4 pm yesterday, OMA OMA sold 17 units in a single day, and had sold 213 units, accounting for more than 70% of the public offering units (total 293).

According to the data, Great Eagle won the land of this project for HKD2.412 billion in May 2014, the buildable floor area of which was about 730,000 sq ft, leading the floor area sq ft land price at about HKD3,300, the lowest floor area sq ft land price of Government residential land site in the district. Deducting the cost of construction and other costs, the profit of ONTOLO is at least 30% base on the discounted average sq ft price of the first batch.
Translated by 28Hse.com . All right reserved.