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New properties rush to get customers
May 9, 2023
New properties rush to get customers Hong Kong
By   Wen Wei Po 
  • City News
  • New property rush
  • new property projects
  • new property market
Abstract: The market is expecting the US interest rates to peak and the economy to pick up in the first quarter, so new properties in Kowloon are in a rush to get customers.

Chinachem Group and MTR's Ho Man Tin Station Yu Yi Phase 1A named Yu Yi - Tin Hoi, and yesterday uploaded the sales brochure, Chinachem Group Sales Director Helen Fung said Yu Yi - Tin Hoi will be opened this week, the price will refer to the sale of Yu Yi Phase 1B and 1C from March to April, and this phase of the unit enjoys the view of Victoria Harbour or Hong Kong Island East view and direction and other factors, the earliest sales start next week.


In response to the 0.25% interest rate hike in the US and the 0.125% hike in Hong Kong banks, Helen Fung believes that the market has already digested the news of the interest rate hike and that the recent strong sales of new developments reflect that there is still a strong demand for housing.


The Opposite House - Sky Ocean comprises two residential towers, Block 1 (1A and 1B) and Block 2 (2A and 2B), offering a total of 447 residential units ranging from one-bedroom to four-bedroom apartments with a saleable area of 311 to 1,615 square feet.


Over 80% of the units in this phase are two-bedroom and three-bedroom units, with two-bedroom units accounting for over 40% of the total 192 units and three-bedroom units accounting for approximately 38% of the total 172 units. According to Chinachem's General Manager of Sales, Maureen Chan, The Opposite House - Sky Ocean also features four limited-edition units of 38 units, including 14 units of penthouse units, four units of sky units, 18 units of podium units and two units of pool view units.


Helen Fung added that 347 units of The Opposite House Phase IB and Phase IC have been sold so far, generating over $5.9 billion in cash, of which the three-bedroom and one-storage units are all sold out, reflecting the keen demand for quality large units above the MTR.

 New properties rush to get customers

On the other hand, Henderson Land's Baker Circle-Euston in Hung Hom yesterday added 28 units to its price list, and launched the sale of these 28 units on Friday, with a range of open-plan to two-bedroom units, with a saleable area of 214 to 378 square feet, at a discounted average price of $21,313 per square foot, less a maximum 10% discount, at a discounted price of $4,290,300 to $8,145,000, at a discounted price of 20,048 to $24,092.


Poly Real Estate (Hong Kong) and Sunga Holdings also launched an additional 64 units of Price List 2 at Longview, Ko Chiu Road, Yau Tong yesterday, with a saleable area of 246 to 474 square feet at a discounted price of $4,688,500 to $9,064,230 net of a maximum 15% discount.


According to Ms. Chu Mei Yee, Director of Sales and Marketing of Poly Land, the additional units on sale this year cover open-plan to two-bedroom units and include the new CHILL Easy First Mortgage Plan, which allows buyers to enjoy interest-free and mortgage-free payments for the first 18 months, up to a maximum of 80% of the net property price.


Buyers who choose this plan are only required to pay 5% as a provisional deposit and 95% of the property price within 120 days from the signing of the Provisional Agreement for Sale and Purchase to enjoy a total discount of up to 15% on the property price. The property was also put up for sale this Friday with 172 units.


As for new property transactions, according to the transaction records, Henderson Land, in partnership with Wheelock, New World, China Overseas, Chinachem and Imperial Group, sold 10 units with saleable area of 1,002 to 1,428 square feet, 3 and 4-bedroom units at a total price of $33.01 million to $58.23 million and a total selling price of $30,968 to $40,777 per square foot at Kai Tak Skyrail yesterday through tender, generating a total of nearly $420 million. A total of nearly $420 million was realized.


A total of five units at University Hill in Pak Shek Kok, Tai Po, sold by tender yesterday, generating over $46 million in proceeds.


The most expensive unit in terms of price and price per square foot was unit B5 on the 15th floor of Block 5A, with a saleable area of 628 square feet, a three-bedroom flat with a 183 square foot roof, at a price of $15,053,740 and a price per square foot of $23,971.

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