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  • Kai Tak Skyrail offers low-interest mortgage deals to attract customers
Kai Tak Skyrail offers low-interest mortgage deals to attract customers
May 5, 2023
Kai Tak Skyrail offers low-interest mortgage deals to attract customers Hong Kong
By   Wen Wei Po 
  • City News
  • New Developments
  • Property Market
  • Property
Abstract: The market expects the US Federal Reserve to raise interest rates again, coupled with the recent decline in the total balance of the local banking system, the Hong Kong dollar one-month interbank offered rate, which is related to property mortgages, also continued to rise to 3.55% yesterday, up 14 pips from the previous trading day.

Henderson Land, in partnership with Wheelock Properties, New World, Chinachem, China Overseas and Imperial Group, will put up the first batch of 116 units of 3-bedroom and 4-bedroom units to the sea by way of tender tomorrow. The developer has partnered with Meridian Mortgage and Centaline Mortgage to launch a "low interest rate and high rebate mortgage offer" to attract customers, with mortgage rates as low as H+1.3% for the full term and a cap as low as P-2.25% (P is 5.625%) (P is 5.625%), i.e. the ceiling rate is as low as 3.375%, which is lower than the current nominal H mortgage effective rate of 4.85%, and loans of $9 million or above can enjoy a cash rebate of 2.6%, as well as a high deposit account to fight interest rate hikes.

 

Henderson Property Agency Director and General Manager, Sales (2) said that during the Golden Week on May 1, Tin Tak received many enquiries, with Mainland customers accounting for 40% and Hong Kong customers accounting for 60%; Hong Kong customers accounted for about 50% of the total number of customers in Kowloon, 30% on Hong Kong Island and the rest in the New Territories. He believes that with Hong Kong's economic growth returning to a 2.7% increase in the first quarter, he is optimistic about the outlook for the local property market this year.

 

Mr Bo Siu-ming, Chief Executive Officer (Hong Kong and Macau) of Midland Realty's residential division, said the bank had two or three groups of clients expressing interest in bidding for the two units at Tin Tak.

 

The developer has also partnered with Classic Mortgage and Centaline Mortgage to offer "low interest rate and high rebate mortgage offers" to attract customers. According to Royce Cheung, Director of Mortgage Referral Operations of Classic Mortgage, in the second quarter, banks continue to actively seek mortgage business and offer various mortgage offers to attract customers. 3.375%, with a cash rebate of up to 2.6% and a maximum term of 30 years, plus a high interest deposit account.

 

In the face of a possible increase in interest rates in the future, customers can deposit their spare funds into the high-interest account and use the interest income to counteract the interest rate hike, thus achieving an interest-saving effect.

 Kai Tak Skyrail offers low-interest mortgage deals to attract customers

According to the tender documents, the project offers three payment options for buyers, including a 180-day cash payment plan, a building term payment plan and a flexible payment plan.

 

At the same time, one car parking space can be purchased at the time of tender, and the first car parking space price list has been uploaded, involving 116 car parking spaces, with each unit of the first sales arrangement receiving one car parking space for priority subscription.

 

On the other hand, SHKP's University Hill in Pak Shek Kok, Tai Po, sold six units of its featured flats by tender yesterday, realising over $53 million. The units sold ranged from one-bedroom to three-bedroom units at prices ranging from $5,220,000 to $11,711,900, with square footage ranging from $19,121 to $21,904.

 

The highest priced unit was a B3 unit on the 1st floor of Block 2, with a usable area of 556 sq ft, three bedrooms with a dressing room and a 146 sq ft garden, priced at $11,711,900 and sold at $21,065; the highest priced unit was an A5 unit on the 15th floor of Block 5B, with a usable area of 415 sq ft, two bedrooms with a 198 sq ft roof, priced at The highest priced featured flat was Unit A1 on Level 1, Block 5B, with a saleable area of 273 sq ft, one room partition and a 98 sq ft garden, sold for $5,220,000 at $21,904 per square foot; the entry featured flat was Unit A1 on Level 1, Block 5B, with a saleable area of 273 sq ft, one room partition and a 98 sq ft garden, sold for $19,121 per square foot.

 

Lemond International and Chun Wo Joint Development at 128 WATERLOO, Ho Man Tin, sold Unit D on 15th floor for $27,786,000 yesterday at $33,000 per square foot, with a saleable area of 842 square feet, a 3-bedroom suite and a storage room. The sale of 55 units, together with the sale of carparking spaces, generated a total of over $1.2 billion, with the average price of a square foot exceeding $30,000.

 

In addition, SHKP's Kowloon Station Grandeur was sold through tender for $84,894,400, with 1,422 sq ft, 4-bedroom apartment D on 72nd floor, at $59,701 per sq ft.

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