SHKP's NOVO LAND Phase 2B in Tuen Mun has been well received since it opened for sale and show flats last week, and has been put up for sale twice at the original price. SHKP's Deputy Managing Director, Mr Lui Ting, announced that the project has decided to launch its first round of sale this Saturday, putting up the first three price lists of 352 units, all of which will benefit from the government's tax concessions at an average price of $13,616 per square foot.
On the other hand, KOKO ROSSO, a subsidiary of Wheelock Properties, will launch its second round of sale of 160 units tonight, and was oversubscribed by about 39 times last night.
As of the previous night, NOVO LAND Phase 2B had received more than 7,000 votes and was approximately 18.9 times over-registered, according to SHKP's Acting General Manager, Mr H L Chan.
The first round of sales will close at 8pm tomorrow night and the ballot will be drawn this Friday, with sales to commence at 9am this Saturday for both Group A and Group B.
Group A offers 84 specified units for sale, with buyers in Group A1 purchasing 1 to 4 units, with a minimum of 1 unit of 3 bedrooms; buyers in Group A2 purchasing 2 to 4 units; and the remaining specified units will be sold in Group A3, with buyers purchasing 1 to 4 units, with a minimum of 1 unit of 3 bedrooms or 2 to 4 units.
Group B buyers can purchase 1 to 4 units. In order to help more first-time buyers to acquire their preferred flats, each group of buyers will only be allowed to purchase one one-bedroom flat.
He pointed out that in line with the Government's abolition of the masking requirement, buyers and estate agents attending the sale will not be required to wear masks on the day of the sale, but to give buyers more peace of mind when choosing their flats, staff of the developer will continue to wear masks on the day.
The Government has also reduced the stamp duty for first-time buyers under $9 million, which has immediately benefited the property market and has given us confidence in the sales of NOVO LAND this Saturday.
For other developers, Wheelock Properties' KOKO ROSSO closed its second round last night. Wheelock Properties Managing Director Wong Kwong-yiu said the property had received 6,398 votes in the second round, which was 39 times over-registered.
He expects the property to sell well and hopes to launch a third round of sales shortly, focusing on the remaining 70 to 80 units with sea views and special features.
Wheelock, in partnership with Centaline Mortgage and Meridian Mortgage, is offering a mortgage plan for the development. Centaline Mortgage's Managing Director, Ms. Wong Mei Fung, said the mortgage will carry a low full term mortgage rate of H+1.3% and a low effective mortgage rate of 3.375% in capped terms, with a capped rate of P-2.5% (P:5.875%)/P-2.25% (P:5.625%) and a 2.3% cash rebate with a 90% LTV ratio. The mortgage term is 30 years.
Other new developments are also on offer.
Star Property's Yuen Long Rain Queen, which went on sale yesterday, offers 335 units ranging from open plan to 3-bedroom units with 252 to 909 square feet, including open plan to 3-bedroom units, with a focus on 1-bedroom units, with an expected key date of December 31 this year.
Kerry Properties' Director and General Manager of Hong Kong, Mr. Tong Yiu-Chung, said that 21 units have been sold at 7A The ASTER at Shan Kwong Road, Happy Valley, since it was put up for lease for sale last month, generating a total of about $410 million in cash, with a 50/50 split between users and investors.
Kerry Development's Vice President of Sales and Marketing said that the remaining 70 units will be put up for sale depending on the situation.
Mr Tang pointed out that the property market is very active after the orderly and full customs clearance in Hong Kong and property prices are expected to rise by 5% to 10% this year, adding that the fourth phase of its Hong Kong Island South Coast project is expected to be launched next quarter, while the third and fourth quarters will see the sale of the Shap Pat Heung Road project in Yuen Long and the Hing Hon Road project in Mid-Levels West.
In terms of transactions, the first house in K. Wah International's K. Wah Summit was sold at a tender price of $130.8 million for Garden House No. 5, with an area of 3,183 square feet and a price of $40,867 per square foot, including 2 car parking spaces. The sale price is said to be a new record in the Kai Tak area.
