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The Entrance in Ma On Shan Offers Prices; Lower 20% Than The Second-hand Property Prices of The Same District.

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Hong Kong Wen Wei Po (By Leong Yuet Kam)

The Sino-US trade war has deteriorated, and the violent conflicts in Hong Kong have escalated, thus developers become conservative on pricing in the condition that many developers rush to launch properties. CITIC Pacific's The Entrance in Ma On Shan, yesterday announced the first price list including 50 units at average sq ft price of HKD17,203, and the discounted average sq ft price after the highest discount of 7% is HKD15,999, lower 6-20% than the second-hand property sq ft prices of the same district, also application is collected since today, while the sale will start next week of the soonest.

The Proxy Director of CITIC Pacific, Kwan KitYing describes the prices in the first price list of The Entrance as “ favorable prices for house changing customers”, and the prices refer to that of luxury or feature units nearby the projects, besides the first batch are mainly low-rise units most of which enjoy the sea view, so it is believed the first price list is competitive. She says, although the social atmosphere in Hong Kong has been unstable in recent months, but the recent new property sales are ideal, reflecting housing demand remains strong.

It targets to customers of changing houses, and may use bidding for feature units.

She points out that, the main source of the project is customers of changing houses, and developer provides first mortgage in 75% of the maximum, with mortgage interest rate in the first two years at P-2% and the loan period up to 25 years. The project has 148 units, 20 among are feature units. She says, the additionally launch will depend on application result, and there will be mark up, also it is possible that feature units will be put on sale by bidding.

The first batch mainly includes three-bedroom units viewing seascape.

The first price list of The Entrance has 50 units distributed in blocks 2 and 3 in usable areas of 922-1,428 sq ft, and all of them are three-bedroom units most of which enjoy sea views. The sale prices are HKD16.82-22.72 million, and the discounted sale prices are HKD15.64-21.13 million, with the discounted sq ft prices at HKD14,298-17,934, leading the discounted average sq ft price to HKD15,999.

Compared to the first batch discounted average sq ft price of HKD16,988 of SHKP’s St Barths of the same district in January last year and the first batch discounted average sq ft price of HKD16,497 of Country Garden Holdings’ Altissimo in November last year, it is about 6% and 3% lower respectively. Compared with current second-hand new pattern projects in the same district such as Double Cove and Seanorama the average sq ft prices of which at about HKD17,000-20,000, it has discounts of about 6% to 20%.

The APAC Vice President and Residential Department President of Centaline Property, Chen WingKit expresses, the property market has been affected by the Sino-US trade war and social movements from August to September, slowing down the trading, while the first price list of The Entrance surprisingly has discounts of about 6-20%, which is quite attractive. The project mainly supplies large units and is located close to the railway station, plus most of the units can enjoy the sea view, since sea view luxury houses have always been popular, also there are a certain number of customers want to change houses in the district, so there is still a huge housing demand.

The Chief Executive of the Midland Real Estate Residential Department, Po Siuming expresses, the sq ft prices for seaside new properties in the same district are HKD20,000 to about HKD26,000, and the average sq ft prices for second-hand properties are HKD17,000-18,000, while the discounted sq ft prices for the first batch of The Entrance’s are lower over 10-20%, also it is predicted 90% would be customers changing houses, plus the project targets to customers buying for self-occupation.

Cullinan West III will be put on sale in the form of existing apartment building.

On the other hand, Cullinan West III in Nam Cheong Station developed by SHKP and MTR also arranges launch, the vice managing director of Sun Hung Kai, Lui Ting yesterday expressed, Cullinan West III had gained the occupation certificate and would be put on sale in the form of existing apartment, and the sales would start in the middle of this month at the soonest. The Deputy General Manager of SHKP, Tong KamKong points out that firstly they will launch units in high building in the first batch.

Lui Ting frankly says that, some buyers take a wait-and-see attitude under the influence of Sino-US trade wars and social movements, so the Group's promotion schedule was also delayed, however, the market still has rigid demand, and the new property sales of peers were ideal in early, with over 300,000 applications received for HOS.

Tong KamKong adds that, Cullinan West III supplies 1,172 units, with 1,156 units among from 3 high-rise buildings (block 6,7,8) and 16 units from 2 low-rise buildings (Wong Zyun Wui and Wai Zyun Wui), and they are from open styles to four-bedroom units in usable areas of 267-2,171 sq ft, besides units under two-bedroom account for about 85% of the total.
Translated by 28Hse.com . All right reserved.