New properties rush to open prices
Mar 15, 2023
New properties rush to open prices Hong Kong
By   Wen Wei Po
  • City News
  • Hot New Properties
Abstract: The Government's reduction in the stamp duty rate for first-time buyers and the restraint of developers in opening prices have led to a number of new developments being sold recently and the pace of sales being accelerated.

The first batch of no less than 50 units will be put up for sale today. The first batch of no less than 80 units, about 60% of which are one-bedroom units, will be sold for less than $4 million. The sales brochure is scheduled to be uploaded this week and prices will be offered next week.


According to Helen Fung, Sales Director of Chinachem Group, the first batch of no less than 50 units, including one- to three-bedroom units, will be offered at market price within 24 hours of the opening of Phase IB of The Opposite House at Ho Man Tin Station. The project will open for public viewing this Friday and will be put up for sale within this month, with a large group of units expected.


She added that the project has received a lot of enquiries since its launch last week, with customers mainly coming from the local district, Hong Kong Island and New Territories East. In line with the group's efforts to reduce paper waste, the developer has introduced the My Places By Chinachem Group mobile application, which allows prospective buyers to view the sales brochure, register for tickets and check the lottery results.


On the other hand, Cheung Kong's Assistant Principal Manager of Sales, Yeung Kwai Ling, pointed out that the development of Tuen Mun Feiyang Phase 2 in collaboration with SHKP is scheduled to start tomorrow, with the first price list of no less than 80 units, nearly 60% of which are one-bedroom units, with a chance of the discounted price of these one-bedroom units being less than $4 million to help young people buy their own homes. According to the information, the size of the one-bedroom units in the development ranges from 263 square feet to 284 square feet.


She noted that the property will be offered on a quantity basis, and if the response is good after the price opening tomorrow, it will be put up for sale with the aim of clearing the property and offering easy payment methods. Yang Guiling continued that the sale of 238 units in Phase 1 of Feiyang had generated $1.3 billion in cash.


The first two rounds of 308 units at Wheelock Properties' KOKO ROSSO in Lam Tin were sold out quickly, and the developer then named KOKO HILLS Phase 3B as KOKO MAR. The average price of a unit sold at ROSSO is $18,740 per square foot. As 60% of the units in this phase have sea views, prices will be increased by up to 10%.


KOKO MARE consists of Blocks 8 and 9 and offers 444 units, with 99% of the units being 1 and 2 bedrooms, ranging from 310 to 529 sq ft, and the remaining 1% being 3 units of 3 bedrooms, with less than 15 months to go. He predicted that the majority of the units would be priced at around $6 million to $9 million, which would attract young families.


Wong said the group had sold about 434 units in less than three months so far this year, with total sales of $5 billion.


Star Property's Yuen Long Rainy Day added 34 units to the sale yesterday, ranging from open-plan to two-bedroom units with study, with sizes ranging from 276 to 717 square feet, at a discounted average price of $15,349 per square foot after a maximum 6% discount for immediate payment.


The first round of 143 units at a discounted price of $3,958,700 to $12,011,600 will be offered for sale this Saturday, with tickets closing at 8pm tomorrow.

The end of the sale continues to clear. Kowloon Development's Hoi Yin Estate in Tseung Kwan O put 172 units on sale yesterday and 12 units, all open-plan, with 245 square feet, at a discounted price of $4,426,000 to $4,924,000, or $18,067 to $20,098 per square foot, will go on sale this Saturday.


As for SHKP's NOVO LAND Phase 2B in Tuen Mun, the first tasting was recorded. The transaction book shows that the unit is a 305 sq ft, one-room flat on the 17th floor of Block 1B, which was sold in the first round of sales on March 4 at a price of $4,355,400, or about $14,200 per square foot, but the unit has been listed as a cancelled transaction, and the buyer is expected to forfeit 5% of the deposit, or about $220,000.

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