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Hong Kong Property Market - Yr.2020 Aug: Average price per sq feet $11577 2.4%   (last month:$11862)
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Vibe Centro in Kai Tak Long Adds Two-Year Transaction Period Plan.

Image Caption
Seaside Sonata will upload brochure within this week; Three existing projects add concessions to sell stock properties faster.

Hong Kong Wen Wei Po (By Leong Yuet Kam)

First-hand properties in urban area are in hot sale due to the low pricing, and developers accelerate the pace of property selling. Just as Cullinan West III on top of Nam Cheong Station developed by SHKP and MTR closes the applications today and will put on sale the second round of 352 units tomorrow, Seaside Sonata in Cheung Sha Wan developed by Cheung Kong and URA predicts to upload brochure within this week and put on sale them in October of the soonest, also points out that the prices for the first batch will be attractive. In addition, three existing projects including Vibe Centro in Kai Tak, L Harbour18 in Ma Tau Kok and Eden Manor in Sheung Shui add long transaction period or discounts before the legislation of the first hand property vacancy tax to speed up the sales.

The Assistant Chief Manager (Business) of Cheung Kong, Ho KaYan expresses, five sample flats in Fortune Metropolis Hung Hom of Seaside Sonata in Cheung Sha Wan have been completed, and this project will upload the brochure within this week then immediately will open sample flats also offer prices, with the sales will be put on at the beginning of October of the soonest, besides the first batch will provide acceptable prices for the market and will launch at attractive prices. She says, a certain of purchasing power appeared in the recent market reflects the strong rigid demand, and Seaside Sonata which is a real urban area project including mainly two or three bedroom units with mature supporting facilities will meet the huge demand of the first housing customers and customers want to change houses. The project provides 876 units, of which 75% are two-bedroom units above 474 sq ft, and most three-bedroom units are about 750 sq ft.

The Chief Executive of the Midland Real Estate Residential Department, Po Siuming expresses, 63% of the self-owned properties in Cheung Sha Wan and Sham Shui Po have been paid off, and there are over 70,000 branch families in the district, having a certain of demand for changing houses. Based on the current sq ft rent of HKD50-60 in the district, it is estimated the rental rate of return can reach 3%. He also says, it is estimated there would be about 1,700-1,800 first hand property transactions in September as a number of new projects have been launched, and it is expected to rise further next month. With the second-hand property owners cutting prices, the second-hand property transactions in October are estimated to rise to 3,300-3,500 cases.

Upper River Bank will additionally launch properties next week at the soonest.

On the other side, Upper River Bank in Kai Tak developed by Longfor Properties and KWG Property will put on sale the first round of 218 units and closes the application today. The Marketing and Sales Director (Hong Kong and overseas) of KWG Property, Cheong SzeWan expresses, this project has collected nearly 600 applications, an over-subscription of 1.7 times, with large customers accounting for less than 10%, besides the demand for one-bedroom and two-bedroom units is larger, also many potential buyers inquired three-bedroom units, so it is estimated there will be additionally launch with mark up next week of the soonest.

The Asian Pacific Region Vice Chairman and Residential Department Director of Centaline, Chen WingKit points out that, the sale of small size units is ideal, and there are also large customers want to buy 2 units, so it is estimated the first hand property transaction in this month would up to 1,300-1,500 case, which is expected to be a new high in 3 months.

The vacant tax is coming, and Poly Property’s occupied project Vibe Centro in Kai Tak newly adds a 720-day live before payment second mortgage plan. The price list shows, the project newly adds a 720-day transaction period, and the buyer can occupy in advance if paying a 10% deposit of the property price plus with 6% of the property price as the license fee.

The related plan can be further divided into a cash concession payment plan (1% discount of the property price) and a standby second mortgage payment plan (according to the pricing), and buyer can obtain the second mortgage at 20% of the property price by designated finance companies, with the interest rate for the first 24 months is P-2% (P is 5.125%), followed by P.

Eden Manor increased stamp duty discount to 3.75%.

Yau Lee Holdings’ the same existing project L Harbour18 in Ma Tau Kok increased the prices for room A and B on the 29th floor by 2.8% and 2.2% respectively. The usable areas of ​​the two units are 424 sq ft and 535 sq ft respectively. The prices after increase are HKD10.58 million and HKD14.88 million respectively, and the discounted sale prices are HKD9.8394 million and HKD13.8384 million respectively after the newly added highest discount of 7%, with the actual reduction of prices by 4.4% and 5%, also the sale will be put on this Saturday.

Henderson Land’s occupied project Eden Manor in Sheung Shui newly adds a 3.75% stamp duty concession to buyers, and the buyer can continue to gain occupation bonus cash rebate at HKD70,000-230,00 if purchasing the designated residential unit since this Saturday to October 31.

This project put on sale 28 units this Saturday, including one to four-bedroom units at prices of HKD7.703-25.92 million, and the discounted prices will be HKD7.16379-24.1056million.

Property of Lime Gala after forfeiture of deposit is resold by mark up of 23%.

SHKP’s occupied project Lime Gala in Shau Kei Wan recorded a case of forfeiture of deposit, and it is room C on 20th floor of block 2 in usable area of 565 sq ft in layout of two-bedroom. Buyer bought it as early as February 2017 for HKD11.799 million, and gave up recently. It is estimated 15% of property price which is about HKD1.76 million would be loss. The developer has updated the price list and put on sale it again by raising the price from HKD12.42 million to HKD15.235 million, an increase of 23%.
Translated by 28Hse.com . All right reserved.