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Hong Kong Property Market - Yr.2020 Aug: Average price per sq feet $11766 0.81%   (last month:$11862)
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The Property Market Is Booming; The Competition of 622 First-Hand Property Units on Saturday Will Be Fierce.

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Hong Kong Wen Wei Po (By Leong Yuet Kam)

The government’s relaxation of property price upper limit under the mortgage insurance plan and the expectation of the Federal Reserve System’s interest rate cuts drive the property market to turn into prosperity, and developers take the advantage of the hot market to rush to launch properties, extending the prosperity to November. At least five first-hand projects including a totally of 622 units will be put on sale this Saturday, and187 units will be put on sale by tender.

In response to more buyers choosing construction period payment plan after the Policy Address was announced, Seaside Sonata developed by Cheung Kong and URA in Cheung Sha Wan newly increases the "2% construction period payment discount" (the original construction period payment discount was 0.5%), ie developer increases discount by 1.5% to attract customers. The Assistant Chief Manager (Sales) of Cheung Kong, Ho Ka-yan expresses, Seaside Sonata has sold 198 units since the sales were started in the middle of this month, cash out of HKD1.96 billion, and about 26% of the buyers chose construction period payment; Buyers choosing construction period payment will earn 20% of directly discount of the highest, while the directly discount for cash payment will be maintained at 22% of the highest.

Seaside Sonata increases the discount for the construction period payment plan.

She also points out that Seaside Sonata additionally launched the No.5 price list including 88 units at original prices the night before yesterday, and the smallest two-bedroom unit of 474 sq ft is included, with the discounted lowest price at HKD7.584 million, besides the discounted average sq ft price of the whole batch of 88 units is HKD17,521. This project confirmed to put on sale 112 units on this Saturday by first-come, first-served basis, and the other 64 units of three-bedroom will be put on sale by tender.

China Overseas’ The Regent in Tai Po also confirmed to put on sale 382 units on this Saturday, and 259 units among will be put on sale publicly. Buyers will register at 10 o'clock in the morning and immediately will be arranged to draw lots to decide the order of choosing houses, and the other 123 units will be put on sale by tender.

There was a case of forfeiture of deposit in Henderson’s Eden Manor in Sheung Shui. According to the transaction records book, room D on the 2nd floor of block 7 of this project had been sold at HKD6,656,600 in last June and had signed a formal sale and purchase agreement, but the buyer recently canceled the transaction, and it is estimated developer would confiscate a 5% deposit involving more than HKD330,000. Henderson has arranged to put on sale this unit again this Saturday.

The application for The Grand Marine was closed and 5,854 applications had been collected.

On the other hand, the application for Grand Ming Group’s The Grand Marine in Tsing Yi was closed yesterday. The market source points out that it had collected 5,854 applications, an over-subscription of 14.6 times base on the 375 units that will be publicly put on sale tomorrow, also this project will launch the other 13 units for tendering tomorrow.

SHKP’s St Barths in Ma On Shan newly launched 3 villas for tendering, and they are Jasmine Avenue No. 9, No. 10, and No. 11 villas, with the usable area for each in 2,151 sq ft, and the first phase of tendering will be November 4 to 5, thereafter the sales will be in the form of daily tender. According to the bidding documents, the monthly management fee for each of the three villas is HKD9,606, and the sq ft management fee is about HKD4.47 based on the usable area.

The sq ft price for a compound apartment in The Masterpiece is HKD55,000.

In respect of the first-hand property trading, New World’s The Masterpiece in Tsim Sha Tsui sold one compound apartment on the 63th and 65th floors in the form of tenders yesterday, and it is three-suite-bedroom including storage room with the usable area in 1,974 sq ft, besides the transaction price was as high as HKD108.8 million and the sq ft price was HKD55,117, also all compound apartments are sold out.

It is reported that the buyer purchased it due to the attraction of the 1440 payment plan newly-launched by the New World. The unit overlooks the Victoria Harbour Fireworks Sea View, and the property base is K11 Mall and Hyatt Hotels in Tsim Sha Tsui, also it is close to the recently opened K11 MUSEA, which has always been popular. The Masterpiece has sold a total of 6 feature units this year, cash out of HKD714 million.

After New World launched its 1440 payment plan for its existing properties, The Masterpiece, Fleur Pavilia, and MOUNT PAVILIA have sold over 56 big houses, totally cash out of over HKD2.8 billion, with average transaction price up to nearly HKD50 million, reflecting this plan is very popular with the market.

Hong Kong Resort International Limited’s Poggibonsi Discovery Bay sold room F on the 17th floor of block 6 at HKD5.658 million yesterday, and it is open style unit in a usable area of 350 sq ft, with the sq ft price at HKD16,100.
Translated by 28Hse.com . All right reserved.