2024-04-25 28Hse Editor
In response to demand of high-talent homebuyers, Sino Land, in partnership with Johnson & Johnson and the Urban Renewal Authority, has decided to add a new 360-day payment plan for the 16 one-bedroom units of One Soho in Mong Kok, with the developer offering up to 80% mortgages for the first three years, with a total discount of 19% to 26%, which is 4.5% to 11.5% more than the 14.5% discount of the 90-day payment plan originally offered. The total discount is 19% to 26%, which is 4.5% to 11.5% more than the total discount of 14.5% offered under the original 90-day payment plan.
Interest-free, 80% mortgage for first year
Simultaneously, the developer adopted a 360-day payment method for buyers to pay off the ad valorem stamp duty. If the buyer pays off their mortgage early, they will receive a rebate of 0.25% to 0.5% of the mortgage loan amount.
Victor Tin Sio-un, executive director at Sino Land, said that the new payment plan could reduce pressure on homebuyers imposed by rising interest rates. He believes that by the time homebuyers pay off their properties, interest rates will have begun to fall.
Tin added that 191 units of One Soho have been sold since its launch, with an average transaction price of approximately HK$23,800 per square foot.
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