Phase 2B of Sun Hung Kai Properties' NOVO LAND in Tuen Mun announced its first price list of 146 units at a discounted average price of $13,288 per square foot, about 5% lower than the first batch of Phase 1B in August last year, and similar to the first batch of Phase 1A in mid-July last year, with a discounted entry price of $4,255,000 for a 305 square foot one-bedroom.

This time, the developer has increased the incentives, including a cash rebate of $1,000 to $5,000 for Phase 1 registered buyers or their close relatives, extending the furniture incentive to three-bedroom units (with an optional $10,000 discount), and providing a mortgage interest subsidy.

The show flats were opened for public viewing at 5pm yesterday and tickets will be available for sale this Friday, in a clear attempt to intercept KOKO ROSSO in Lam Tin, which will go on sale next week at the earliest.

According to Mr Lui, Deputy Managing Director of SHKP, the first price list for Phase 2B of NOVO LAND is a "North City Happy Price", priced according to the project's own conditions and the supply in the same district, which is about 10% lower than the neighbouring second-hand property prices.

He added that the recent activity in both the primary and secondary markets, as well as the turnaround in luxury property transactions, showed a return of confidence in the market.

According to SHKP's Acting General Manager, Mr Chan Han-lun, the first units of the project include 5 one-bedroom units, 99 two-bedroom units and 42 three-bedroom units, ranging in size from 305 to 703 square feet, at a discounted price of $4.425 million to $9.473 million, less a maximum 15% discount, with a discounted average price of $13,288 per square foot.

Of these, the discounted entry price for a 444 sq ft two-bedroom is $5,742,600, while the discounted entry price for a 671 sq ft three-bedroom is $8,847,600.

In addition to the Ready Payment Plan, the developer is offering the Talent and Upgrade Flexible Payment Plan at a 3% discount, but the developer will pay 9% stamp duty on behalf of the buyers.

To alleviate buyers' concern that interest rates may rise again, the developer is offering the Home Ownership Interest Protection for the first 3 years of the mortgage loan. If the actual interest rate is higher than the first instalment rate or 3.375%, whichever is higher, the developer will subsidise the difference in interest rates, subject to a total cap of 1% of the property price.

As for the progressive repayment scheme for open-plan flats in Phase 1, it will be offered to one-bedroom buyers in this phase.

The offer will also continue to provide a $5,000 cash rebate to buyers living in the Tuen Mun district, in properties within the New Territories system completed in 1990 or later and living in Shenzhen.

Buyers who get married, plan to get married or have children between 1 January last year and 31 December next year will receive a cash rebate of $5,000.

Buyers or their close relatives will also receive a 1% cash rebate on the purchase price of a flat of 2 units or more in the phase.

Mr Chan also said that the developer will offer first and second mortgages, with the second mortgage offering a fixed interest rate plan for the first three years at 1.5 per cent, 2 per cent and 2.5 per cent respectively if the loan amount does not exceed 20 per cent of the net property value.

If the loan amount does not exceed 30% of the net property value, the interest rates are 1.75%, 2.25% and 2.75% respectively.

Mr. Bo Siu Ming, Chief Executive Officer (Hong Kong and Macau) of Midland Real Estate, said that the first batch of NOVO LAND Phase 2B is attractively priced, about 10% lower than the second-hand price in the same area.

According to the bank's property market data, the average price of a second-hand flat in Tuen Mun fell by about 2.9% last year.

On the other hand, the response to KOKO ROSSO of Wheelock Properties continued to be hot, with a total of 4,500 votes received as of 6pm last night, which is 29.4 times over-registered for the first round of sale this Friday of 148 fellows.

As for Henderson Land's General Manager of Sales (II) Department, Mr. Hon Ka Fai said, Mongkok Leo Place - One Corner went on sale this Saturday with 20 units, including open-plan to two-bedroom units, measuring 208 to 447 square feet, at a discounted price of $5,416,900 to $9,580,500, with a discounted price of $20,997 to $26,578 per square foot.

In terms of new property transactions, Kerry Properties' Penthouse Hill Tee Hill sold a 1,743 sq ft, flat A, flat A, Block 2, together with a parking space and interior furniture, through tender yesterday for $70.3 million at $40,333 per square foot.