In addition to the extended payment plan, the developer is offering a special incentive where buyers opting for the 360-day payment plan can have the "stamp duty paid from the price," which amounts to either the actual stamp duty amount required for the formal contract or 3% of the transaction amount, whichever is lower.
Furthermore, if the buyer opts to repay the mortgage loan in advance, they can receive a cash rebate ranging from 0.25% to 0.5% of the mortgage loan amount.
Tin Chi Yuen, the Executive Director of Sun Hung Kai Properties, stated that the newly introduced payment plan aims to alleviate the pressure on property buyers caused by rising interest rates leading to increased payments. He also believes that the rates will start to decline when buyers start paying for the property, with interest-only payments for the second and third years at rates of P-3% and P-2%, respectively.
The available units range in size from 285 to 310 square feet and are spread across the 12th to 29th floors. The discounted prices range from 6.201 million to 7.151 million Hong Kong dollars, with discounted prices per square foot ranging from 20,006 to 25,092 Hong Kong dollars.
For example, the unit A8 on the 12th floor, with an area of 310 square feet, originally priced at 8.381 million Hong Kong dollars, had a total discount of 14.5% with the previous 90-day payment plan, resulting in a discounted price of 7.1657 million Hong Kong dollars. With the newly introduced 360-day payment plan, the total discount increases to 26%, bringing the discounted price down to 6.20194 million Hong Kong dollars, nearly a million Hong Kong dollars less than before.
Tin Chi Yuen also mentioned that so far, 191 units have been sold in ONE SOHO, with an average price per square foot of approximately 23,800 Hong Kong dollars.
Additionally, the first record-breaking transaction at the existing property in Kowloon Tong was a unit sold for 178 million Hong Kong dollars. This unit spans 5,183 square feet, with a 994 square foot garden and a 1,413 square foot rooftop, including a parking space, with a price per square foot of 34,343 Hong Kong dollars.
