2024-05-09 28Hse Editor
(Tsang Yip-chun) - The property market has boomed since the full reopening of cross-border travel between Hong Kong and the Mainland. However, the economy has seen some banks and major investment banks in recent liquidity crises, and Hong Kong developers accelerating flat sales. 109 units of Grande Jete’s phase two development, a joint venture between CK Asset (1113) and Sun Hung Kai Properties (SHKP) (0016), in Tuen Mun, were yesterday put on sale at an average price of HK$12,977 per square foot, about 2.6 per cent higher than the last batch, and there is a good chance that all 400 units will be put on sale this weekend. In addition, In One’s Phase 1B development, a joint venture between Chinachem and MTR Corporation (0066), is also putting up 62 additional units for sale at an average price of HK$26,398 per square foot, 6.3 per cent higher than the first batch.
Phase two of Grand Jete expected to launch 400 units on Saturday
The third price list for Phase 2 of Grand Jete includes 109 units, including 74 one-bedroom, 20 two-bedroom, and 15 three-bedroom units, with sizes ranging from 263 to 722 square feet, at 15 to 17 per cent discounted prices ranging from HK$3.165 million to $9.139 million per square foot. Although the average price of the third batch is about 2.6 per cent higher than the previous price list and 3.7 per cent higher than the average price of the first batch, it is still nearly 13.8 per cent lower than the discounted average price per square foot of the first batch of the first phase launched in June last year.
Moni Yeung, assistant chief manager of sales at CK Asset, said that since the opening of Grande Jete phase two, three price lists have been launched, involving a total of 292 units, which is 73 per cent of the total 400 units in the development. With low prices for the project, it is likely that the project will further garner a positive reception and sell all units this Saturday. The remaining units are expected to be launched early this week, with sales arrangements to be announced accordingly.
CK Asset executive director Justin Chiu Kwok-hung said he was very satisfied with the receipt of votes for the second phase of Grand Jete, noting that the overall property market sentiment has improved since full customs clearance and buyers have been enthusiastic in entering the market.
In One Phase IB received 4,500 registrations
Another new property, In One’s phase IB development, was launched yesterday with a second price list of 62 units, including four one-bedroom, 41 two-bedroom and 17 three-bedroom units ranging from 336 to 941 square feet, with a total market value of over HK$1.16 billion. Based on the maximum discount of 15 per cent, the discounted price of this batch of units ranges from HK$8.1719 million to HK$26.916 million, with an average discounted price of HK$26,398 per square foot, which is 6.3 per cent higher than the first batch of 50 units. Chinachem said that some units in Block 3B are located in the upper and middle floors, with sea views towards East Kowloon, thus raising the average price. These units are expected to attract wealthy buyers and investors in the market.
The first two price lists for Phase IB have put up a total of 112 units, accounting for more than 60 per cent of the 183 units in Phase IB, and all ten one-bedroom units have been put up for sale. According to the developer, about 17,000 people have visited the show flats as of yesterday, and about 4,500 registrations of interest have been received, which is more than 39 times over-subscribed. Furthermore, there were over ten groups of customers who inquired about buying an entire floor of Block 3A, which will depend on the market response, with further opportunities for developers to promote listings in the near future.
There are 16 units in Phase IB. The second price list will be the first to introduce a special top-floor unit (Unit E on 29/F, Block 3B, with 336 sq ft of floor area and a 248 square feet roof), at a discounted price of HK$8.9896 million, or HK$26,484 per square feet. The developer said that it has received many enquiries from buyers about the special units in the project and will arrange for tenders for four units of four-bedroom special units later on, and other special units may be available in the next price list.
148 units sold on Saturday and Sunday
Trading in the first-hand market has returned to temporary stability. Over the past weekend, (18-19 March) about 148 new transactions were recorded, a decrease of 72 units or 32.7 per cent from the previous week. Among them, Wheelock’s KOKO HILLS in Lam Tin sold a two-bedroom flat of 519 square feet on the first floor of Block Five yesterday at HK$10.565 million.
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