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Real Estate Market Rebounds After the Withdrawal Announcement; 500 Units Take The Lead to Enter The Market.

Image Caption
6 projects deploy launching; MARINI involves 202 units, which are the most.

Hong Kong Wen Wei Po (By Leong Yuet Kam)

Chief Governor officially withdrew the amendment of the "Fugitive Offenders Regulations", and Hong Kong stocks rebounded by nearly 1,000 points. Seeing the unstable social atmosphere may be eased, there are at least 6 projects involving nearly 500 units of known deploy launching in the first week of September. Among them, OMA OMA in Tuen Mun, The Vantage in Hung Hom and LOHAS Park GRAND MARINI in Tsueng Kwan together announced to additionally launch yesterday, and the former even adds first mortgage in 90%, also buyers will receive the full amount rebate of interest payments of two years. In addition, Cullinan West III in Nam Cheong Station plans to offer prices next week, and Grand Homm in Ho Man Tin is lean to put on sale most of the units by bidding.

Wing Tai Real Estate's OMA OMA in Tuen Mun additionally launch 50 units located in Blocks 1A, 1B, 2A and 2B, and they are two-bedroom to three-bedroom joining worker’s room in areas of 408-750 sq ft, besides the average sq ft price is HKD12,997, with the lowest price for 408 sq ft two-bedroom unit at HKD5.293 million.

152 units of OMA will be launched on Sunday.

Developer also announced to put on sale 113 units and invite tenders for 39 units on Sunday (8th). The apartments under public sales are open style to three-bedroom units at sale prices of HKD3.999-10.332 million, with the lowest price for one-bedroom unit in 316 sq ft is HKD3.999 million. As for the four-bedroom units, they are 13 units that are firstly to be put on sale by tendering.

In addition, developer has added first mortgage in 90% of the highest in 728 days for buyers who purchase properties above HKD6 million, and buyers not only just need to pay the interest rate without paying principal installment but also will receive the fully rebate of the relative interest expenditure during the period. The Executive Director and Sales and Marketing Director of Wing Tai, Chung ChiLam expresses, OMA OMA had sold 245 units taking in nearly HKD1.37 billion.

MARINI and The Vantage additionally launch properties respectively.

As for other developers, Henderson Land additionally launched 41 units of The Vantage in Hung Hom ranging from 170 sq ft to 391 sq ft, and there are open style to two-bedroom units at discounted average sq ft price of HKD22,920 deducting the highest 8% discount, besides the discounted prices are HKD4.14-8.83 million. This project will put on sale 20 units among next Monday on a first-come, first-served basis.

LOHAS Park GRAND MARINI in Tsueng Kwan developed by Wheelock and MTR additionally launched 101 units last night including one-bedroom to three-bedroom units and one feature flats ranging from 374 sq ft to 768 sq ft, and the discounted prices are HKD6.094-13.397 million with the discounted average sq ft prices at HKD15,388 after deducting the highest discount of 21.5%. The first two price lists totaled 202 units, and the source indicated that they had collected nearly 1,000 applications.

Cullinan West III will offer prices next week at the soonest.

In addition, the Vice Managing Director of Sun Hung Kai, Lui Ting expresses, Cullinan West III in Nam Cheong Station cooperated to develop with MTR will possibly offer prices next week, and will be released as soon as possible. The Deputy General Manager of SHKP, Tong KamKong adds that, the existing sample flats will be opened to public for appointment visiting since today. The three existing sample flats are located in room A-C on the 48th floor of block 8 all viewing seascape, and the areas are 366-1,513 sq ft.

Goldin: To launch Grand Homm after the market atmosphere is stable.

The Marketing Planning and Sales Director of Goldin Group, Chen SauYin expresses, the Group is not eager to sell Grand Homm in Ho Man Tin which is their first residential project in Hong Kong, and will launch it after the market is stable. She also points out that, the project has received over 500 inquiries since the naming and advertisement on September 1, and the prospective purchasers are rich and powerful people. The pricing of this project will refer to the recent transaction price of luxury properties that more than one thousand sq ft in the urban area, and most of the units will be put on sale by tender, also the sample flat has entered the final decoration stage.

Grand Homm offers 401 units with the areas for standard units in 848-1,447 sq ft, and 90% of the units are designed in full suites. She reveals the construction cost per sq ft exceeds HKD7,000, and the clubhouse would have the only indoor mud tennis court in Hong Kong.

Asked about the Group's decision to give up the Kai Tak commercial land, she stresses they are still interested in high-quality urban land, and their current residential land reserve is up to 1.9 million sq ft.
Translated by 28Hse.com . All right reserved.