Managing Director of Wheelock Properties, Mr Wong Kwong-yiu, said that the Group's KOKO ROSSO in Lam Tin has received over 2,500 votes and is over-subscribed, with the first round of sales to take place this week at the earliest.
Due to the overwhelming response, Wheelock Properties announced last night that KOKO ROSSO will launch an additional 68 units with a saleable area of 268 to 497 square feet, including 21 1-bedroom and 47 2-bedroom units, at a maximum discount of 12%, at a discounted price of $5,774,000 to $9,878,000 and a discounted average price of $17,473 to $22,209 per square foot. This represents a 5.2% increase in price from the first 88 units at an average discounted price of $17,976 per square foot.
The first two price lists, totalling 156 units, were sold at a discounted price of $5,545,000 to $9,878,000, with a discounted sf price of $17,158 to $22,209 and a discounted average sf price of $18,376, which is expected to generate approximately $1,187 million in real terms.
Mr. Choi, a ticket buyer, has confidence in the quality of the developer and the project, and has budgeted $6 million to buy a 1-bedroom flat in the project for his own use, as the price of the first price list is relatively "affordable".
He said he is in the education sector and now lives on Hong Kong Island East, and is optimistic about the support and prospects of Kowloon East. Ms. Lok, who is in the banking industry and lives in Hong Kong Island West, also thinks that the property prices are low and plans to buy a 2-bedroom terrace flat with sea view for less than $9 million, and has prepared a down payment of more than $2 million.
She is still not optimistic about the outlook of the property market this year, but is considering entering the market because the price of the project is attractive for a new property.
In addition, Kai Tak River Hong Kong, a joint venture between China Resources Land (Overseas) and Poly Land, has also launched Sales Arrangement No. 3, involving 118 units, of which 55 units are brand new, together with 63 previously launched units, all of which are three- and four-bedroom front-facing Harbour View units, and will be put up for sale by tender this Thursday.
Among them are the first two penthouse units to be launched, which are duplexes A and B on 36th and 37th floors of Block 2, with a saleable area of 3,406 sq ft and 3,137 sq ft respectively.
This past Saturday and Sunday, a total of 70 transactions were recorded in the first-hand market, down 16 or 18% week-on-week.
Among the transactions, 5 units were sold in two days at ONE INNOVALE in Fanling, while 2 units were sold yesterday at Sing Kai Embankment in Fo Tan, leaving only 1 unit of terrace units in the market.
The project has sold 15 units this month, generating over $200 million in cash. The existing Rui Feng in Cheung Sha Wan, owned by Twin City Holdings Limited, sold six units in two days over the weekend, three of which were two-bedroom units with a usable area of 517 square feet.
In response to over 300 visitors to the existing property the day before, the developer put up another six two-bedroom units for sale yesterday.
According to Wong Kwong-yiu, the full customs clearance has greatly stimulated the property market, and the Tsim Sha Tsui shopping mall has "flourished to the point of being colourful", which is believed to be helpful to retail, food and beverage, and tourism.
As the performance of the retail, catering and tourism sectors improves, the unemployment rate in Hong Kong will be further reduced and the economic outlook for Hong Kong is expected to be positive this year.
He also pointed out that interest rates have recently stabilised and buyers' concerns about interest rates have begun to recede, accelerating their confidence in the market. It is hoped that the announcement of the Budget will provide another opportunity to boost first-hand transactions.
On the Budget to be announced, Mr Wong said that as a wage earner, he hoped for tax relief, while the business sector hoped the Government would continue to give a strong boost to the economy.
On the property market, he hopes that the government can "cut the spice" by, for example, relaxing the 15% "double stamp duty", lowering the threshold for investors who already hold properties to re-enter the market, and restricting them from reselling their new properties for three years, which is believed to help stimulate property transactions while curbing speculation.
