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New Project in Tsueng Kwan Attracts Customers with Price Down of 7% in Turbulent days.

Image Caption
The discounted sq ft price in MARINI is HKD15,000, 21% lower than that of Aurora in Tsuen Wan.

Hong Kong Wen Wei Po (By Leong Yuet Kam)

Due to the recent violent conflicts in Hong Kong, LOHAS Park MARINI in Tsueng Kwan developed by Wheelock and MTR announced yesterday the first price list including 130 units at discounted average sq ft price of HKD14,997, 21% less than the discounted average sq ft price of the 216 units that will be put on sale by Billion’s Aurora in Tsuen Wan this Saturday, also less about 7-8% than that of the last batch of GRAND MONTARA which is same series project in the same district that was put on sale in this June. The lowest discounted price for one-bedroom in 370 sq ft is HKD5.199 million, and the application grouping into large buyer Group A and individual buyer Group B will start today.

The Chairman of Wheelock, Leong ChiKin expresses, MARINI starts to collect application today and the sale will begin in this month, also he describes the prices as “Happy housing prices”, while the discounted average sq ft price of MARINI is less about 7-8% than that of the last batch of GRAND MONTARA which is same series project in the same district that was put on sale in this June, thus he believes the pricing was made under the consideration of recent political events, so additional launch will depend on the market conditions, besides he is confidence in the sales.

The lowest cost for one-bedroom flat is HKD5.19 million.

According to the price list, MARINI's first batch has 130 units of one to three-bedroom in usable areas of 370-770 sq ft, and the prices are HKD6.622-15.364 million with the average sq ft price at HKD19,103, while the discounted prices will be HKD5.199-12.061 million with the discounted average sq ft price at HKD14,99 if buyer chooses 120 days cash payment method making the discount to be the highest of 21.5%. The lowest discounted price for 370 sq ft one-bedroom flat is HKD5.199 million, for 438 sq ft two-bedroom flat is HKD6.482 million, and for 770 sq ft three-bedroom is HKD11.429 million.

Asked if they worry the demonstrations impact customers’ visiting intention? Leong ChiKin stressed, the Group had always put on sale projects soon as the pre-sale consent was approved, and this project mainly provides one-bedroom and two-bedroom flats which suitable for first housing and house changing customers, so it is believed Hong Kong people will buy if the price is suitable since there is still housing demand, besides it is expected property market will develop steadily in the second half of the year, also he personally opposes violence and hopes demonstrators can conduct demonstrations peacefully.

Social movements do not hinder the project launching.

He bluntly said: "I am a businessman and don't understand politics." However, the social movements in Hong Kong in the past two months had greatly impacted retail, restaurants and even Hong Kong people’s housing confidence. But he reiterated his full confidence in Hong Kong future, further more, there is the support of the Mainland, so it is hoped that all sectors remain rational and sit down to talk to solve the problem. He believes Hong Kong may revive in the short term.

The Marketing Assistant General Manager of Wheelock, Chen WakChi expresses, MARIN has 947 units located in Blocks 3A and 3B, and 88% are one and two-bedroom; 8% are three-bedroom; also there are 12 units of platform feature flats, 10 units of top-floor feature flats and 1 unit of splendor top-floor feature flat. The project also has a total of three-storey clubhouse in 44,000 sq ft, including 40-meter-long outdoor swimming pool and standard basketball court etc.

The Assistant General Manager (Business Development) of Wheelock, Yang WaiMing expresses, 26% of units in MARINI's first price list have sea view, and 75% of the units have discounted prices of less than HKD8 million, while the potential customers who had applied for houses of the same series projects MONTARA and GRAND MONTARA in the same district previously will receive fast line application discount today.

800 days of fixture date payment is firstly provided.

In order to attract the first housing customers, Yang WaiMing pointed out that, they continue to provide 180 days of fixture date payment to meet the demand of house changing customers and investors, also provide a maximum of 680 days super fixture date payment for the buyers of 34 large units, besides firstly launch an intimate payment method with the fixture date up to 800 days.

As for 216 units of Billion’s Aurora in Tsuen Wan which will be put on sale this Saturday, the application was closed yesterday, and source pointed that it had collected about 9,300 applications, an over-subscription of 43 times.
Translated by 28Hse.com . All right reserved.