It is the first new project in Tsing Yi for 15 years, and the lowest price for a one-bedroom unit is HKD4.32 million.
(By Leong Yuet Kam)
As the Government has relaxed the property price upper limit under the mortgage insurance plan for the first housing of existing houses, the trading of second-hand properties at low to medium prices is obviously booming, while the developers’ pricing is conservative due to the unclear of the Hong Kong economic prospects and the competition among many new projects. The Grand Marine, the first new residential project in Tsing Yi for 15 years with the main supply are one-bedroom and two-bedroom units, yesterday announced to launch the first price list involving 156 units at sq ft price of 15% lower than the price of second-hand properties in same district, with the average sq ft price at HKD18,750, and the discounted average sq ft price is HKD 14,813 after deducting the highest discount of 21%, also the lowest price for one-bedroom unit in 299 sq ft is HKD4,321,300.
The Sales and Marketing Director of Developer Grand Ming Group, Ngan King-fung describes that, The Grand Marine offers the best prices that refer to the recent prices of nearby projects this time, and the first batch is 15% cheaper than the second-hand properties in the same district, also the Group is in line with Government’s mortgage insurance measure for first housing, since nearly 90% of the units (totally 137 units) are less than HKD8 million under 120-day cash payment plan and over 80% of the units (totally 129 units) are less than HKD8 million under construction period payment. The total amount for 156 units in the first batch is over HKD1.1 billion, with a market value of HKD870 million after discounts. She said this project starts to collect applications and opens sample flat to the public since today, and it is possible to put on sale at the end of this month or early next month.
The discounted average sq ft price is HKD14,813.
In view of the slope maintenance problem, she said that the Group has allocated HKD30 million for the slope maintenance of the project, and it has been quite generous since the slope maintenance on the similar events of other projects were generally about several million HKD, so she hopes that buyers can be peace of mind and rest assured.
According to the price list, the first price list of The Grand Marine includes 90 one-bedroom units, 39 two-bedroom units, and 27 three-bedroom units, with the usable areas of 299-586 sq ft, and the prices are HKD5.47-11.342 million, besides the discounted prices are HKD4.321-8.96 million and the discounted sq ft prices are HKD13,383-15,954 with the discounted average sq ft price at HKD14,813 after deducting the highest discount of 21%.
It is estimated investors may be attracted.
The Asian Pacific Region Vice Chairman of Centaline, Chen Wing-kit expresses, the current average second-hand property prices of Villa Esplanada and Tierra Verde in the same district are HKD17,000-18,000, so the prices of The Grand Marine’s first batch are 15% cheaper than the market prices, and it is believed developer hopes to attract purchasing power by the first batch pricing, also it is estimated that the first batch will be sold out. He also estimated that there will be a number of new projects for sale this weekend. It is expected that the volume of first-hand property transactions will reach 1,500 cases this month, slightly higher than that in September. The Government’s relaxation of property price upper limit under the mortgage insurance plan for the first housing of existing houses may drove the second-hand property transactions to rise to 3,000 cases. If the total first-hand and second-hand properties transactions in the fourth quarter can reach 5,000 cases per month, then it will be the highest monthly volume in the past five to six years.
The Chief Executive Officer of Midland Residential, Po Siuming points out that, although the Government has introduced new measures, but developer’s pricing for The Grand Marine at 10% lower than the market level is still conservative, and it is estimated to attract customers from the same district, Kowloon, and Hong Kong Island, also investors will enter the market, then the sq ft rent will be predicted to reach HKD40-50, with the rate of return in about 3%, besides the second-hand property market in New Territories North-West District certainly will be froze, moreover the customer sources may be overlap with some new projects that are launched in same period. He expects that a number of new projects will be put on sale this month, with the first-hand property transactions will reach 2,000 cases, and the second-hand property prices of units at HKD6-10 million are possible to rebound by 3% to 5% in the fourth quarter.
Yesterday, China Evergrande’s Emerald Bay in Tuen Mun announced to put on sale 167 units on next Monday and 158 units on next Tuesday, and the application will be closed on this Saturday. There will be four groups to select houses. In Group S, 20 units will be alloted to registrants who had applied and supplied the proof of receipt for submitting the “Home ownership scheme flats for sale 2018/2019” to choose. Group A buyers need to buy at least 2 units (one of which is a designated unit). Group B buyers need to buy 1 unit or above. And group C are for the 158 units that will be put on sale next Tuesday.
