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3,200 Apartments Will Be Launched Hastily in September. First-Hand Properties Will Estimated to Follow Low-Price Strategy.

Image Caption
To resist political and economic instability by restrained pricing. 1,400 first-hand properties are estimated had been sold last month.

Hong Kong Wen Wei Po (By Chau HiuChing)

The first-hand property market seems to have entered a stable period and has not been hit hard, owing to the low-price strategy under such poor political and economic environment in Hong Kong in recent months. There into, LOHAS Park Phase 9 MARINI in Tseung Kwan O sold 444 units among 500 units that had been put on sale last Friday, cashed in more than HKD3.41 billion. According to statistics in August, over 1,400 first-hand properties have estimated to be sold. New properties continue to rush to the market in September, with over 3,200 units will be put on sale by preliminary statistics. Wheelock took the lead to announce launching GRAND MARINI the phase 9B of LOHAS Park yesterday, and the first price list includes 101 units at discounted average sq ft price of HKD15,075, a slightly mark up by 0.52% than that of MARINI’s first batch at HKD14,997.

GRAND MARINI the phase 9B of LOHAS Park opened the sample flat yesterday and uploaded the No. 1 price list to launch 101 units, nearly 30% of which are sea view apartments. They are located in Block 2 (2A and 2B), including 13 one-bedroom units, 26 two-bedroom units, 23 three-bedroom units, 20 three-bedroom one suite units, 16 three-bedroom with work-room units,2 platform feature units and 1 rooftop feature unit, in the areas of 374 -785 sq ft, and the sale prices are HKD7.957-17.461 million with the average sq ft price at HKD19,203.

GRAND MARINI launched 101 units.

Developer provides 6 payment plans for GRAND MARINI. Buyers can enjoy a maximum discount of 21.5%, and the discounted prices are HKD6.247-13.707 million with the discounted average sq ft price at HKD15,075, a slight increase of 0.52% than that of MARINI’s first batch at HKD14,997. It is estimated to take in about HKD940 million for 101 units in the price list after discounts. According to market source, this project received over 300 applications on the first day yesterday, and it has been oversubscribed.

As for phase 9A MARIINI which was put on sale last Friday, the developer announced that it had sold 444 units, accounting for nearly 89% of the 500 units available for sale, taking in over HKD3.41 billion.

Buyers spent HKD326 million to buy 9 units in ONTOLO in succession.

Another new project, Great Eagle’s ONTOLO in Pak Shek Kok sold 9 units by bidding yesterday to the same group of buyers for self-occupation allegedly, and the total amount was HKD326 million, with the average sq ft price at HKD23,291. Among them, seaside compound apartment on 15th and 16th floors of block 3 had the highest transaction price at HKD88.545 million with the average sq ft price at HKD32,000; There were also 4 tiered houses being sold at prices of HKD40.739-41.87 million, with the average sq ft price at HKD24,077, and all the transaction prices of these 5 units have hit the new high since the project was launched. As of 7:00 last night, ONTOLO sold a total of 370 units, with the total amount at about HKD3.6 billion.

Grand Homm in Ho Man Tin will open the sample flat within the week.

In addition, Goldin announced yesterday that the luxury house project at No. 17 Sheung Shing Street, Ho Man Tin was officially named "Grand Homm", and the sample flat will be opened within the week of the soonest.

Grand Homm has 6 buildings, providing 401 units, most of which are designed for the whole suite. The areas of standard units are 848-1,447 sq ft, and the layouts are two-bedroom two suites, three-bedroom two suites and three-bedroom full suites, also there are 26 feature units including connected platform units, penthouse, compound apartments connected garden, compound apartments connected platform, rooftop or swimming pool, and triple compound apartments. In addition, the project has 284 parking space and 4 layers of private club.

Po Siuming expects property prices to fall by 5% this quarter.

The political and economic environment was not good in August, with one side the violent activities became more and more fierce, and the other side China and the United States imposed tariffs on each other, leading Hong Kong stocks plunged 7.4% in August, which was the worst in the world's major markets. However, the first-hand property sales maintained stable, due to low-price strategy for the first hand property, and some of them were even lower than the second-hand property price in the same district. The Chief Executive of Midland Real Estate, Po Siuming estimates that the volume of first-hand property transactions in August was about 1,400 cases, which is 200 less than expected and estimated to be similar to that in July, and the second-hand property transactions expected to be recorded in 2,600 cases, which is 20% less than that in July. Seeing that there is still ideal sale for the first-hand property under poor market, other developers are also eager to move. It is estimated that more than 3,200 new property units will be put on sale in September. He expects property prices to fall by about 3% to 5% in the third quarter, and maybe another fall in the fourth quarter.
Translated by 28Hse.com . All right reserved.