2024-04-30 28Hse Editor
(Leung Yuet-kam) In the face of the first prime rate hike by local banks this year in line with the US, and the rising Hong Kong dollar interbank interest rates, Chinachem and the MTR announced yesterday that the first price list of 90 units at In One Above at Ho Man Tin was HK$7.99 million. It was announced yesterday at a discounted average price of HK$26,718 per square foot, nearly 3 per cent higher than the discounted average price per square foot in the first price list of In One’s Phase IC development announced at the end of March, and nearly 7.6 per cent higher than the discounted average price per square foot in the first price list of In One’s Phase IB development announced in mid-March, with a discounted entry price of HK$7.9891 million for 364 square feet of one-bedroom units. The sale will be launched next week at the earliest.
According to Helen Fung, sales director at Chinachem Group, the price of the new sale is based on flat types and views offered in Phase IB and IC.
Show flats and tickets will be available from tomorrow
Fung said that most banks in Hong Kong did not kept up with the Fed's 0.25 per cent interest rate hike, and that the recent sales of new flats remained strong. Buyers will enter the market as soon as they find a flat of their choice and at a reasonable price, and they believe the news of the interest rate hike has been digested.
Developer will mark prices up for new phase, says Helen Fung
There are a total of 447 units in In One Above, with 90 units on the first price list, including 23 one-bedroom, 49 two-bedroom, and 18 three-bedroom units, with sizes ranging from 364 to 960 square feet. The developer has offered three payment options, including a maximum 15 per cent discount for 120-day immediate payment, at a discounted price of HK$7.9891 million to HK$29.1856 million, or an average price of HK$26,718 per square foot. The cheapest unit is a one-bedroom, 364-square-foot flat on Level 2E of Tower IB at a discounted price of HK$7.9891 million, or HK$21,948 per square foot. The two-bedroom and three-bedroom units are available at a discounted price of HK$10.6607 million and HK$23.9292 million respectively.
Fung also noted that In One Above is located in the luxury residential area of Ho Man Tin, and the launch of the rare one-bedroom units in the area is expected to attract investment renters to the market, and said that this phase will be sold at a lower price than the last two phases. In addition, the project’s three-bedroom seaview units may be put up for sale by tender in the first sales arrangement.
Sammy Po Siu-ming, CEO of Midland’s residential division for Hong Kong and Macau, said that the project's price is restrained and discounted from the average price of HK$28,000 per square foot of sold units, which is expected to continue to be sought after by many users and investors from the earlier two phases. It is estimated that investors comprised 40 per cent of buyers.
University Hill Phase 2B is 47 times over-subscribed
The first round of sale of 183 units in University Hill’s Phase 2B development in Pak Shek Kok, Tai Po, under Sun Hung Kai Properties, will be launched tomorrow, of which 160 units on the price list will be offered for sale.
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