Hong Kong Wen Wei Po (By Leong Yuet-kam, Ngan Lun-lok)
Government’s relaxation of property price upper limit under the mortgage insurance plan for the housing of existing houses has stimulated the trading of second-hand properties at low and medium prices, plus the first-hand property vacancy tax legislation will come to effect soon, so developers take the advantage of boom market to launch projects. In 7 days from today to the end of the month, at least 1,108 units will be put on sale in the market, and there will be many units at the lowest prices of under HKD10 million, also there are developers providing the first mortgage up to 85% to attract customers.
The applications for The Grand Marine on the first day were over-subscription of 4 times.
Grand Ming Group launched the first price list involving 156 units of The Grand Marine in Tsing Yi at sq ft prices of 15% lower than the second-hand property prices in the same district and started to collect applications also opened sample flat to public yesterday. The market source points out that, nearly 800 applications, an over-subscription of more than 4 times, were collected on the first day. As for the second round sales of 176 units of Seaside Sonata developed by Cheung Kong and URA in Cheung Sha Wan, 27 units among are allocated to customers that were affected by the reconstruction plan. The market source points out that, over 1,600 applications have been collected, and it is an over-subscription of 9.7 times base on the 149 units in public sales.
Seaside Sonata and Upper River Bank will be put on sale today.
Today, Upper River Bank developed by Longfor Properties and KWG Property in Kai Tak puts on sale 108 units to the public and provides 30 units for tendering. The Hong Kong Project Marketing Director of Longfor Properties, Woo Sui-hung expresses, this batch includes the king houses in block one, with the units of which have been comprehensively upgraded on layout and smart home accessories, such as they have complete sets of German brand Miele kitchen appliances. The project has sold 162 units, with an average sq ft price at HKD25,466.
The Marketing and Sales Director (Hong Kong and overseas) of KWG Property,Cheong Sze-wan expresses, no change sample flat room on the 28th floor which is in the best layout in block one of this project is four-bedroom with two suites joining workroom and washroom, with the area in 1,072 sq ft, and it is also the only one decorated unit among that for tendering, although there is no guide price at this stage, the sale price will refer to the prices of similar units in the same project and the luxury property prices in Kowloon.
On the other hand, the Sales and Marketing Assistant General Manager of Hong Kong Resort International Limited, Chen Sau-chun expresses, Poggibonsi, Discovery Bay additionally launched 24 units yesterday, with 12 units among are firstly launched one-bedroom units in block 5 and 12 among are two-bedroom units, besides they are in 551-763 sq ft and at discounted prices of HKD7.76-13.8 million, with the discounted sq ft prices at HKD13,631-18,097, also developer will increase the first mortgage from 80% to 85% to attract customers. This project will put on sale 89 units next Wednesday, with 56 units among are on public sales, and 18 units are under HKD10 million base on construction period payment, also there will be 33 units including three-bedroom units for tendering.
Poggibonsi increases the first mortgage percentage to attract customers.
She also points out that, IL PICCO, Discovery Bay is still waiting for the pre-sale consent, and there are 21 villas that are planned to be put on sale this quarter. The Group still has a land reserve of 1.33 million sq ft in Discovery Bay, but no land premium has been paid.
Poly Property’s Vibe Centro in Kai Tak will launch 6 units for tendering tomorrow. Developer has launched a 1,440-day cash concession payment plan for the three-bedroom and four-bedroom units in the early time, for example, the buyer can occupy before payment if the 10% of property price and 5% of the occupancy fee also the deposit of HKD30,000 are paid. Ko Oi-wah from the Sales and Marketing Department of Poly Property expresses, this plan is beneficial to renters, customers who change houses and investors, also mentioned that the Government's Policy Address last week easing the mortgage insurance threshold could promote the second-hand property market on houses changing, and ultimately benefit the first-hand property sales. This project still has 114 units in the market for sale, of which 61 units have already announced price lists or are in the process of tendering.
The Regent increases prices, with the sq ft price at HKD14,400.
China Overseas Land & Investment’s The Regent in Tai Po additionally launch 189 units of 366-778 sq ft, and the discounted prices are HKD5.158-10.481 million with the discounted average sq ft price at HKD14,425 after deducting the highest discount of 18.5%, besides 13 units among are under HKD6 million under Cash Payment Plan. The Managing Director of China Overseas Land & Investment, Yau Wai-kwong expresses, the newly launched units can enjoy the two new construction period payment plans, so they are suitable for both first-time buyers or house changing customers who choose to use the 80% or 90% mortgage insurance plan.