Hong Kong Wen Wei Po (By Leong Yuet Kam)
Although Hong Kong political and economic situation is unclear, but the continued hot sales of many new projects recently drive other developers to launch properties again. Market estimates that, the launch of the first round of 500 units in LOHAS Park MARINI today is expected to increase the first-hand property transactions in August to 1,400 cases, which is similar to that of last month, and it is estimated that more than 3,200 new units will be put on sale in September, then the first-hand property transactions will further rebound by 42% to about 2,000 cases.
CITIC Pacific’s The Entrance in Lok Wo Sha, Ma On Shan which had gained the pre-sale consent this January uploaded brochure yesterday, and it mainly provides three-bedroom and four-bedroom flats, with the smallest three-bedroom flat is only in usable area of 879 sq ft. The Acting Director of CITIC Pacific, Kwan KitYing expresses, The Entrance will offer prices next week at the soonest and start the sales in September, targeting to customers changing houses, and the pre-sale period will be about one year, with prices will refer to the same style feature units in luxury project of the same district.
The Entrance uploaded brochure, and the smallest one is 879 sq ft.
Asked why The Entrance is put on sale 8 months after the pre-sale consents was gained and if they worry the recent poor Hong Kong social atmosphere affecting the sales of The Entrance since it mainly provides large units, Kwan KitYing expresses, the Group needs more time to prepare for supplying high quality products, and the sales of many new projects are ideal, although the project provides mainly large units, but it targets to customers of changing houses and family customers, who are believed to be relative powerful, so they are confidence in the project.
Looking forward to the property market in the second half of the year, she believes Hong Kong residential property demand is strong, and housing supply in Hong Kong is in short supply at present, while Government has announced that the potential supply in the next three or four years will be about 90,000 units, which still not meet the housing needs of Hong Kong people, also it is believed Hong Kong property market will develop steadily.
The Entrance is located at No. 1, Lok Wo Sha Lane, .Ma On Shan, consisting of three residential buildings and providing 148 units plus with 133 parking spaces. 128 standard units among in usable areas of 922-1,656 sq ft are in layouts of three-bedroom one suite and four-bedroom double suites, and there are also 20 feature units in layouts of three-bedroom one suite and four-bedroom three suites, with the usable areas in 879 sq ft to 2,678 sq ft. The clubhouse covers an area of about 18,000 sq ft, including a 20-meter-long outdoor swimming pool etc, and provides services such as car or ship rental with various partner institutions.
The Managing Director of Wong Tung Group, Lau YuTou points out that, the flats of the first block in The Entrance are larger, with two units in each floor, and there are private elevator lobby, while there are three units on each floor in the second and third block. Its exterior is designed in the shape of a wave, and it is mainly blue and white. The project is in line design, and most of the units have large glass windows facing the sea view. The master room has "French terrace", allowing residents to enjoy the view.
MARINI had received 7,000 applications, and is put on sale today.
Other new projects expected to be launched in September include Cullinan West III (1,172 units) in Nam Cheong Station developed by SHKP and MTR, SHKP’s CENTRAL PEAK (53 units) in Mid-level East, Goldin Financial’s Sheung Shing Street Project (401 units) in Ho Man Tin, Grand Ming’s The Grand Marine (776 units) in Tsing Yi, and Upper River Bank (667 units) in Kai Tak developed by Longfor Properties and KWG Property.
In addition, LOHAS Park MARINI in Tsueng Kwan developed by Wheelock Properties and MTR launched the first round of 500 units today, the application of which was closed yesterday, and source points out that it had collected over 7,000 cases, an over-subscription of 13 times.