Developers launch projects at cheap prices due to the dull market.
Hong Kong Wen Wei Po (By Leong Yuet Kam)
Due to the unstable political and economic situation, there were only 4 first-hand property transactions yesterday, with the first hand property trading in the past 9 days was dull. However, the application for Aurora in Tsuen Wan which was put on sale at sq ft price of 10% less than the second-hand price was good. Source points out that, the application for this project was closed at 4 p.m. yesterday and more than 8,900 cases were received, an over-subscription of above 24 times base on the first round of 354 units that will be public for sale on this Saturday, leading it to be the third most popular project in Hong Kong, only next to over 18,600 cases for LOHAS Park MONTARA and over 12,000 cases for T Plus in Tuen Mun.
The first price list of Aurora in Yeung Uk Road, Tsuen Wan developed by Billion will provide 238 units at the discounted average sq ft price of HKD17,740, lower 10% than some second-hand property market prices, and it is described by developers as "civilian" price sales. Among them, the smallest area of open-style households is 217 sq ft, with the discounted lowest price at HKD3.81 million and the sq ft price at HKD17,558, and the discounted sale prices for one-bedroom units are above HKD4.902, for two-bedroom units are above HKD6.967 million, while for three-bedroom units are above HKD11.246 million, leading the sq ft prices to above HKD16,299. The discounted prices of 69 units are less than HKD5 million.
Price cut in additional launch will be over 3% of the most.
After then, developer additional launched 116 units on August 11, including open style to three-bedroom units in usable areas of 217-859 sq ft, and the discounted sq ft prices are HKD17,094-20,980, with the discounted average sq ft price at HKD18,851 which is 6% higher than HKD17,740 in the first price list, after deducting the highest discount of 7%. However, the developer abruptly revised the price of the additional launch on the following day, with three units among were cut 0.5-3.4% on prices, while other 16 units were increased prices by 1-1.9%.
This project will put on sale 354 units on this Saturday and invite tenders for another 26 units which are locating in block 1, and the layouts include compound apartment with garden, top floor feature house, and standard units, besides the usable areas are 803-859 sq ft, while the tendering date is August 19 to 22th.
The Spectra increase the interest of first mortgage in 80%.
On the other side, Long Ping Station in Yuen Long developed by K.Wah and Sino increased the interest of first mortgage in 80% by 0.5%, from P-2.5% (about 2.625% in fact) in the first 24 months and P or H+3.5% after, to p-2%(about 3.125% in fact) in the first 24 months, and P for the 25th-36th months, while later is P+2%. The project will put on sale 3 units of all are 888 sq ft on Sunday (Aug. 18), and the sale prices are HKD14.052-14.922 million, with the discounted prices at HKD12.6468-13.428 million after deducting the highest discount of 10%.
SHKP’s Mount Regency II in Tuen Mun will put on sale 3 units on Sunday (August 18), and two among were room F on the 8th and 9th floors of Block 2B, with the usable areas both in 399 sq ft, also the sale prices are HKD7.2916-7.3389 million, leading the discounted prices to HKD5.687-5.724, after deducting the highest discount of 22%.