The prices are 8% higher than that of the nearby new projects, and the lowest price for a two-bedroom unit is HKD6.43 million.
Developers are more aggressive on pricing as the market sentiment has stabilized. LOHAS Park SEA TO SKY, the most significant new project this year with a pre-sale period of about 20 months, and developed by Cheung Kong and MTR in Tsueng Kwan, announced the first price list for 285 units yesterday. The average sq ft price is HKD20,067, and the discounted average sq ft price is HKD15,823 after deducting the discounts up to 20-22%. The price is the highest among the discounted average sq ft prices of the first batches in LOHAS Park new projects, and higher nearly 8% than the first batch's discounted average sq ft price of HKD14,688 for Wheelock's nearby project OCEAN MARINI in March. 471 sq ft two-bedroom unit is cost HKD6.428 of the lowest. This project will open the sample flat and collect applications at 2 o'clock this afternoon.
Hong Kong Wen Wei Po Journalist(Leong Yuet Kam)
Chiu Kwok-Hung, the Executive Director of Cheung Kong, describes the prices on SEA TO SKY's first price list as "actual price." And it isn't easy to compare the project directly with other housing estates since it has a high proportion of units with sea views. He points out that there is a 5% discount than market prices for the first batch, and he has confidence in sales, also there would be price increases for the additionally launched units.
Chiu Kwok-Hung: There is space for price increase in additionally launched units.
Looking forward to the property market in the second half of the year, he believes that the epidemic in Hong Kong has been more stable than in Europe and the United States. Many funds have flowed into Hong Kong, and no negative factors have been seen. The latest unemployment rate is also better than expected. The rate will drop after peaking at about 6% under the government's employment protection scheme and the relaxation of Restriction of Gathering. The tourism and retail industries will gradually recover if customs clearance can be achieved in the second half of the year.
According to the price list, the first price list of the project includes 285 units, with areas of 466-1,077 sq ft, and the sale prices are HKD8.035-23.302 million, leading the market value to HKD3.38 billion. Kwok Chi-Wai, the Investment Director of Cheung Kong, expresses that the units are distributed in the Blocks one and two, including 160 two-bedroom units, 115 three-bedroom units, and 10 four-bedroom units. All three-bedroom and four-bedroom units enjoy sea views. The maximum discount for the two-bedroom units viewing the inside garden is 20%, for the three- or four-bedroom units viewing sea is 22%, and buyers enjoy the first mortgage in 85% or second mortgage in 30%. The discounted prices for two-bedroom units are lower than HKD10 million, and the discounted lowest costs for three-bedroom and four-bedroom units are HKD10.271 million and HKD17.693 million.
The developer provides three payment methods. Yang Gwai-Ling, the Senior Sales Manager of Cheung Kong, expresses that buyers choosing a 180-day Immediate Payment Plan only need to pay 8% of the property prices and enjoy a 3% discount of the sale prices. LOHAS Park residents can choose 210-day Immediate Payment Plan, with a down payment in 5% of the property price, and the remaining 95% will be paid on the 210th day. Besides, the discount is also 3%. Buyers choosing the Construction Period Payment Plan need to pay 10% of the property price for the down payment. The 5% is paid when signing the contract, and the other 5% will be paid 1% each in five installments within 450 days. And the remaining 90% will be paid at the time of occupancy.
Midland predicts investors would fond of the project.
Po Siuming, the Chief Executive of the Midland Real Estate Residential Department, points out that the current sq ft prices of sea view inventory units in new projects in Tsueng Kwan are between about HKD18,000 and HKD19,000, and the sq ft prices for units viewing inside the garden are about HKD16,000 to HKD17,000. SEA TO SKY's three- and four-bedroom units all have sea views. The opening prices are lower than the market level. Especially the two-bedroom units are expected to be the market focus. It is estimated many investors would pursue, and the rate of return is 3%.
The APAC Vice President and Residential Department President of Centaline Property, Chen Wing-Kit, expresses that prices in SEA TO SKY's first price list are advertising prices. The lowest cost for a three-bedroom sea view unit is lower 15-20% than the sq ft price of first-hand sea view unit in the same district. The average price is 5-10% lower than that in the same district. It is believed that the application would be enthusiastic, and there is a chance to challenge the most popular project this year.
WINGS AT SEA II launches 8 feature units by tender.
The first-hand housing projects in the same district also competed for customers after the SEA TO SKY offered the prices. SHKP's LOHAS Park WINGS AT SEA II launched 8 units yesterday for tender. They are feature units on 55th-58th floors in Block 3A, 3B, 5A, and 5B, with areas of 653-890 sq ft, connecting with platforms in 109-146 sq ft. The sales will be from June 22 (next Monday) to September 3 in the form of daily closing bids.
Besides, Hong Kong Property Services provides a Father's Day shopping gift voucher discount for the first-hand buyers of the LOHAS Park MARINI series through Wheelock Properties, with a total value of HKD100,000. Lee Chi-Shing, the Chief Executive Officer of Hong Kong Property Services, from now until June 30, the first 5 buyers who purchase units in MARINI, GRAND MARINI, and OCEAN MARINI will receive a gift coupon of HKD20,000.