Wheelock Properties announced its first price list for KOKO ROSSO in Lam Tin, with 88 units at a discounted average price of $17,973 per square foot, 10% lower than the discounted average price of $19,995 per square foot in the first price list of the same KOKO HILLS in July 2020.
Mr. Wong Kwong Yiu, Managing Director of Wheelock Properties, described KOKO ROSSO's first price list as "urban price explosion", which is 10% lower than the price of KOKO HILLS. He said that only a small number of units in the first batch will enjoy sea view, and he hopes to launch the property at an attractive price. The development will be open to the public for show flats and ticket collection from tomorrow.
KOKO ROSSO's first price list consists of 88 units, including 18 one-bedroom units and 70 two-bedroom units in Block 6, with sizes ranging from 300 to 497 square feet, at a maximum discount of 12%, at a discounted price of $5,545,000 to $8,980,000, with one-bedroom units discounted to less than $6 million.
The developer offers four payment methods, including the first ever 180-day payment plan for first-time buyers or those under 35 years of age, with the same 12% discount rate as the 120-day payment method and a 60-day transaction period.
The current first and second-hand prices in the same district range from approximately $17,700 to $22,200.
Centaline Property's Director of Kowloon, Lau Ying-lin, said that the discounted price of KOKO ROSSO is about 10% lower than that of Phase 1 of the project, which will be launched in July 2020, as there has been a shortage of first-hand supply in the same district, and the second-hand developments in Laguna City and Sceneway Garden are over 30 years old. With a discounted entry fee of less than $6 million, the first batch of 1-bedroom units is a prime property with sea view in the urban area and is expected to create a rush to buy.
She also expects a large supply of new properties this year, and believes that new properties will adopt a low opening strategy in the coming period in order to speed up the removal of goods.
Mr. Bo Siu Ming, Chief Executive Officer (Hong Kong and Macau) of Midland Realty, said that KOKO ROSSO will be launched at over 10% to 20% below the market price, which will attract many buyers and investors. It is also believed that due to the low sales volume of new developments last year, developers have to catch up this year, and new developments in the first half of the year will seek volume first.
On the other hand, the sales brochure for Phase 2B of NOVO LAND in Tuen Mun was released yesterday, and SHKP Deputy Managing Director Lui Ting said the first batch of price list will be announced early next week, and the selling price will refer to Phase 1 of the project, and will also observe the recent market situation.
He said that Phase 1 was sold very well a few months ago, with more than 1,500 units sold in a few weeks, and that the recent rise in secondary prices and the active primary market made it ideal for a major new development.
As to what the Financial Secretary expects in his Budget speech next week, he believes the Financial Secretary will take on board public opinion and SHKP has already expressed its views through the Real Estate Developers Association.
SHKP's Acting General Manager, Mr H L Chan, said that the development will be opened for public viewing early next week after the announcement of the first price list, with the aim of opening for sale between the end of this month and early next month.
In terms of new property transactions, two more units were sold yesterday by China Resources Land (Overseas) and Poly Real Estate in partnership with Kai Tak River Hong King, including Unit A on the 5th floor of Block 1, with an area of 2,088 square feet and a price of over $43,709 per square foot, which was sold for $91,265,000.
As for Paribas and Regal Hotels, the joint venture with Regal - The Peak in Kau To, Sha Tin, sold Unit B on 3/F, Block 3, with an area of 2,042 sq ft for $46,180,000, including a car parking space, at $22,615 per square foot.
China Overseas Development also sold House 1 at 3 Fei Ngo Shan Road, Sai Kung for $169.47 million, with 3,766 sq ft of space, 1,249 sq ft of garden and 1,003 sq ft of parking space at $45,000 per square foot.
