Ccrescent Green first batch of 67 units in the layout of three-bedroom is cheaper over 10% than the second-hand properties in the same district.
Hong Kong Wen Wei Po (By Leong Yuet-kam, Ngan Lun-lok)
The Government has relaxed the property price upper limit under the mortgage insurance plan, and Hong Kong banks have reduced the Prime Rate, plus Hong Kong Stocks have risen for days, leading first-hand projects to offer low prices to attract customers. Ccrescent Green in Au Tau, Yuen Long, with pre-sale in about one and a half years and mainly of three-bedroom units, yesterday announced the first price list of 67 units at average sq ft price of HKD13,382, and the discounted average sq ft price after deducting the highest discount of 18% is HKD10,973, lower about 15% and 13% respectively than the average sq ft prices of nearby second-hand projects Riva and Park YOHO at HKD12,893 and HKD12,627. The discounted sq ft price is above from HKD9,900, making it the second first-hand project in this year at sq ft price lower than HKD10,000, and the lowest discounted price for three-bedroom of 916 sq ft is HKD9.068 million.
The Sales and Marketing Director of developer Road King Properties, Chung Choi-ling describes, Ccrescent Green first price list offers delightful prices which are estimated to be lower over 10% than the second-hand property market prices, hoping buyers will be happy. There are 16 units in the first batch are at discounted prices lower than HKD10 million, accounting for 23% of the entire price list, and the additionally launch with markup will depend on the situation. It has space for a price increase. The application for this project starts today and the sales will be put on next week.
The discounted sq ft prices are above from HKD9,900. It provides six payment methods.
According to the price list, this batch is all three-bedroom units distributed in Blocks 1 to 3 and 5, in usable areas of 916-970 sq ft and at sale prices of HKD11.058-14.439 million, and the discounted prices are HKD9.068-11.84 million, with the discounted sq ft prices at HKD9,900-12,232. Buyers of all units in the first price list can be arranged to subscribe to one parking space. It is estimated that the price of each parking space will be HKD1.388 million.
According to the data, the previous first-hand project offers the sq ft price lower than HKD10,000 this year is Wing Tai Properties Limited’s The Carmel in Tuen Mun, and it launched the first price list of 50 units in this January at the average sq ft price of HKD10,901, besides the lowest sq ft price was HKD9,488.
The developer also introduced six payment methods, including 150-day cash payment plan, 150-day first mortgage in 70% (Interest only for the first 2 years), 150-day first mortgage in 80%, 150-day second mortgage in 35% (free interest and no principal repayment for the first 2 years), construction period payment and construction period second mortgage in 35% (free interest and no principal repayment for the first 2 years), and buyers choosing construction period payment also enjoy 5% discount of the sale prices.
The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-kit expresses, in Ccrescent Green first price list, the lowest discounted sq ft price is only over HKD9,000 and the discounted average sq ft price also is only nearly HKD11,000, lower 10-20% than nearby second-hand housing estates and 30-40% than downtown housing estates, so it is believed developer try to liven up the market and attract customers who want to change houses. It is believed that the market can withstand a restrained markup in additionally launch, and the trading of large-scale units in the second-hand property market is estimated will be suppressed.
The Chief Executive of the Midland Real Estate Residential Department, Po Siuming expresses, Ccrescent Green attracts not only users but also many investors, and the rent after the completion of the project estimated to be over HKD30, with the return rate above 3%.
The sale of the land has been closed, and the sq ft land price is HKD2,690.
It is worth mentioning that, Ccrescent Green is located in Au Tau, Yuen Long, and its sale had been closed although 10 consortiums had entered the tender at the beginning of 2016, because the market conditions at that time was poor and its location between two subway stations (Yuen Long Station and Kam Sheung Road Station) and near West Rail overhead rail was remote plus the development was difficult. Until August of the same year, Road King Infra won it for HKD989 million, with the sq ft floor area land price at about HKD2,690.
Coincidentally, the sale of the site for Grand Ming Group’s The Grand Marine, another first-hand project on sale in the market, also had been closed, and it was won by Grand Ming for HKD939 million after that, with the sq ft land price at about HKD1,981. The first round of sale has been put on last week. The developer recently confirmed to put on sale 292 units this Friday. The application will be closed next Wednesday and draw lots will be on Thursday. As of yesterday, it had received about 5,000 applications for the new batch.