2024-05-10 28Hse Editor
New projects continue to be sold at bargain prices. Sun Hung Kai Properties' (SHKP) University Hill in Pak Shek Kok, Tai Po, yesterday unveiled its first price list of 123 units, including one- to three-bedroom flats, with a discount of up to 15 per cent after cash payment. The average price per square foot is HK$16,288, with a discounted price of HK$4.3724 million for a one-bedroom flat of 297 square feet. The price per square foot is about seven per cent lower than the first batch of Silicon Hill’s Phase One development of the same series in May last year, which sold at a discounted average price of HK$17,498 per square foot, a discount of about 10% compared to first-hand prices in the same area. The show flats will be open to the public from 2pm this afternoon and tickets will be collected from this Saturday. Leung Yuet-kam
Victor Lui Ting, SHKP deputy managing director, described the affordability of University Hill’s first price list as "unbeatable". He said that the project’s opening price is based on market conditions and the developer’s own terms and conditions, and is aligned with buyer’ expectations. Ting added that the project's proximity to the Chinese University of Hong Kong and the positive response to the Government's Top Talent Pass Scheme would boost the entire rental market in the near future, benefiting those who purchase flats for rent.
Victor Lui Ting: Hong Kong property remains valuable
According to Lui, sentiment improved significantly after the full resumption of cross-border travel between Hong Kong and the Mainland. With the US interest rates peaking soon, the pressure on the property market from interest rate hikes has now been lifted and public confidence in homeownership has strengthened. Lui added that, with recent banking crises in Europe and the United States, property ownership appears to be a stable and reliable choice for wealth preservation and appreciation.
5 per cent cash rebate for Hong Kong professionals
Hu Zhi-yuan, acting general manager at SHKP, said the first batch of 123 units at University Hill, located in Blocks One, Two, 5A and 5B, ranging from 273 to 640 square feet, comprises 23 one-bedroom, 86 two-bedroom and 14 three-bedroom units, with four payment options. Among them, the Cash Payment Plan offers a maximum discount of 15 per cent on the discounted price of HK$4.3724 million to HK$11.4468 million and HK$13,518 to HK$19,321 per square foot. The remaining Flexible Payment, Flexible Home Purchase Payment, and Flexible Upgrade Payment Plans offer discounts ranging between 1.5 and 10 per cent, as well as various tax incentives or one-click arrangements. Additionally, 75 units will offer a five per cent cash rebate to research professionals and academic talents. In addition, the developer will offer HK$10,000 or furniture discounts to buyers of open-plan, one-bedroom and two-bedroom units.
Louis Chan Wing-kit, vice chairman and chief executive (Residential) of Centaline’s Asia Pacific Department, said that after a 15 per cent drop in property prices last year, the property market and the community have gradually recovered with the full resumption of customs clearance in Hong Kong this year, and property prices have rebounded by about seven per cent since the beginning of the year. In addition, the discount is about seven per cent higher than the first price list of the project and about 10 per cent lower than first-hand projects in the same area. Located next to the proposed Pak Shek Kok Railway Station, it is expected that there will be room for a three to five per cent price increase when it is added.
Agents expect investors to account for 30 per cent of buyers
Sammy Po Siu-ming, chief executive of Midland Realty’s residential division for Hong Kong and Macau, said that University Hill's low prices and close proximity to Hong Kong Science Park, the planned Science Park/Pak Shek Kok Station MTR station, and the new bus station to be completed next year, are expected to be attractive to investors.
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