2024-05-03 28Hse Editor
In anticipation of another interest rate hike by the US Federal Reserve and the recent decline in the aggregate balance of the local banking system, the Hong Kong Interbank Offered Rate (HIBOR) rate, the benchmark for inter-bank lending in the Hong Kong market, also continued to rise to 3.55 per cent yesterday, up 14 pips from the previous trading day. The first batch of 116 units of three- and four-bedroom sea view units in Kai Tak, a joint venture between Henderson Land, New World, Chinachem, China Overseas, and Empire Group, will be put up for sale by tender tomorrow.
Leung Yuet-kam
Mark Hahn Ka-fai, Henderson Land director and Sales (2) general manager said that during the five-day "golden week", The Knightsbridge received many inquiries, with Mainland buyers accounting for 40 per cent. Hong Kong buyers comprised 60 per cent, with 50 per cent of the buyers from Kowloon, 30 per cent from Hong Kong Island, and remaining buyers from the New Territories. Hahn remains optimistic about the outlook of the local property market this year as Hon Kong’s economic growth returned to a 2.7 per cent increase in the first quarter. Sammy Po Siu-ming, chief executive (Hong Kong and Macau) of Midland Realty, said that two to three groups of customers had expressed interest in purchasing two units at The Knightsbridge.
Mainland Chinese buyers account for 40 per cent of inquiries
Cheung Yee-hei, director of operations at mReferral Mortgage Brokerage Services, said that in the second quarter, banks continued to actively compete for mortgage business and offered various mortgage plans to attract customers. The Knightsbridge, in partnership with mReferral Mortgage and Centaline Mortgage, released a "low interest rate, high rebate mortgage offer" to attract customers, with a mortgage rate as low as H+1.3 per cent for the whole term and a cap as low as P-2.25 per cent (P is 5.625 per cent), i.e. a cap rate as low as 3.375 per cent, which is lower than the current nominal H mortgage rate of 4.85 per cent. Buyers can receive a cash rebate of up to 2.6 per cent on loans of HK$9 million or above, and save interest by depositing spare funds in a high-interest savings account to counteract interest rate hikes.
According to the tender documents, the project offers three payment options for buyers, including a 180-day cash payment plan, a construction period payment plan and a flexible payment plan. The first price list of 116 car parking spaces has also been uploaded, with each unit in the first sales arrangement being offered one priority car parking space at a price range of HK$3.5 million to HK$3.75 million. The total price of the spaces add up to over HK$410 million.
University Hill sells 6 special units
On the other hand, Sun Hung Kai Properties’ (SHKP) University Hill in Pak Shek Kok, Tai Po sold six units by tender yesterday for over HK$53 million, ranging from one- to three-bedroom units at prices ranging from HK$5.22 million to HK$11.7119 million per square foot and HK$19,121 to HK$21,904 per square foot. The highest priced special unit was flat B3 on the first floor of Marina Tower 2, a 556-square-foot unit with a 146-square-foot garden, which was sold at HK$11.7119 million and HK$21,065 per square foot. The project’s most expensive unit was flat A1, a one-bedroom unit on the first floor of Marina Tower 5B, with a saleable area of 273 square feet, and a 98-square-foot garden. The flat sold for HK$5.22 million at HK$21,904 per square foot.
128 WATERLOO priced at HK$33,000 per square feet
Top Spring International and Chun Wo’s 128 WATERLOO in Ho Man Tin saw a sale of one flat for HK$27.786 million. The unit was flat D on the 15th floor of the property, and was sold by tender for HK$33,000 per square foot, with a saleable area of 842 square feet. The sale of 55 units, together with the sale of car parking spaces, generated a total of over HK$1.2 billion at an average price of over HK$30,000 per square foot.
On the other hand, a four-bedroom flat at SHKP's The Cullinan (Kowloon Station) was sold by tender for HK$84.8944 million at HK$59,701 per square foot, with 1,422 square feet and four bedrooms on the 72nd floor.
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