2024-04-30 28Hse Editor
In recent months, developers have been selling small- to medium-sized new and leftover properties at reduced prices in recent months, to attract buyers. After selling more than 350 units in Phase 2 at a 17 per cent discount last month, CK Asset and Sun Hung Kai Properties’ (SHKP) Grand Jete in Tai Lam, Tuen Mun, further reduced prices of 152 unsold units in Phase One last week, and increased discount rates from 15 per cent (one- and two-bedroom) and 17 per cent (three-bedroom) to 18 per cent, which is about five to 15 per cent more than the previous price list. At the same time, 14 rooftop units were launched and 108 units were put up for sale at 6:30pm last night. Over 60 units were reportedly sold within the first hour of sales, with a sales rate of nearly 60 per cent and one-bedroom units sold out. SHKP’s University Hill in Pak Shek Kok, Tai Po, announced its first price list today. Leung Yuet-kam
The 108 units in Phase One of Grand Jete were sold yesterday, including 81 one-bedroom flats, six two-bedroom units with open kitchens, 17 two-bedroom units with closed kitchens, four three-bedroom units with storage and 14 rooftop units. Among them, all 81 one-bedroom units in Phase One remain available for sale, with its cheapest flat being a 266-square-foot unit on the first floor of Block Two, Room H, at a discounted price of HK$3.568 million per square foot, or HK$13,414 per square foot. The 14 rooftop units, ranging from 281 to 712 square feet in saleable area with rooftops ranging from 186 to 603 square feet, are priced at HK$4.338 million to HK$10.613 million with a discount of up to 18 per cent.
Larchwood and Allegro to launch sales on Saturday
Separately, Wang On Properties’ Larchwood in Mong Kok is offering six units, all open-plan units of 202 and 204 square feet, with prices ranging from HK$5.676 million to HK$5.835 million. Sales will be made on a first-come-first-served basis this Saturday. The cheapest unit is Room H on the 10th floor, with an area of 204 square feet.
The Knightsbridge to unveil show flats from Friday
Meanwhile, Country Garden's Allegro in Kowloon City also arranged for the sale of 40 units this Saturday, of which nine units will be sold on a first-come-first-served basis, with the developer paying ad valorem stamp duty. The cheapest unit is Room B on the 12th floor. After a discount of up to 13 per cent for upfront payment, the discounted price is about HK$5.7 million. Another 31 units will be put up for sale by tender from the same date, with tenders closing on August 31.
In addition, The Knightsbridge in Kai Tak, jointly developed by Henderson Land, Wheelock Properties, China Overseas, Chinachem, New World Development, and Empire Group, will launch at the end of the month. Mark Hahn Ka-fai, general manager of Henderson Land’s sales (II) department, said that the project will open show flats for VIP preview this Friday, and about 800 to 1,000 people have registered so far. The show flats will be open to the public this Saturday, and three- and four-bedroom units will be launched for bidding before the end of the month at the earliest. Furthermore, the first batch will be no less than 114 units. Pricing will be sold at standard market price, to be based on prices relative to other properties in Kai Tak. The Knightsbridge provides 566 units, divided into one-, three- and four-bedroom flats, with an area of 351 to 1,942 square feet.
In fact, after the first round of new property sales, the second round has been sluggish, such as Yuen Long Yu Hau, Hung Hom Baker Circle, Euston and Lam Tin Koko Mare.
In fact, after the first round of new properties were sold out at a price, the second round was weak, such as Yuhou in Yuen Long and Baker Circle in Hung Hom. The second round of sales of Euston and Lantian KOKO MARE did not continue, with sales rates of only 16.5%, 33% and 61% respectively.
It is worth noting that after the first round of new properties were sold out at reduced prices, second sales rounds for many new properties were sluggish, such as those of After the Rain in Yuen Long and Baker Circle Euston, Baker Circle Euston in Hung Hom, and Koko Mare in Lam Tin, with sales rates of 16.5 per cent, 33 per cent, and 61 per cent respectively.
First-hand subscriptions temporarily exceeded last year's by 65 per cent
But since the beginning of this year, thanks to reduced prices and the return of customs clearance, the performance of first-hand and second-hand transactions is still better than that of the same period last year. According to the Hong Kong Property Services (Agency) research department, the latest data from the Land Registry, so far this year (as of April 17) shows 3,241 first-hand private residential properties have been registered so far this year (as of April 17), exceeding the 1,959 registrations in the first four months of last year by about 65.4%. As for second-hand residential properties, 14,513 registrations were recorded, exceeding the 12,586 registrations in the first four months of last year by about 15.3%.
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