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Kowloon new properties are the flattest in 2 years
Nov 26, 2022
Kowloon new properties are the flattest in 2 years Hong Kong
By   Internet
  • City News
  • property market
  • property
  • real estate
Abstract: Hong Kong's interest rate trend continues to rise, the opening price of new properties also become conservative.

Property flowering period of about 28 months, Poly Real Estate partners with Shangjia cooperation of Yau Tong Lang Yu yesterday announced the first price list of 128 units, discounted average price of $ 17,938 per square foot, 261 square feet of open units 4,139,500 yuan to enter.


The price of the units in this batch is similar to the opening price of the new units in the same district two or three years ago, and it is about 9% lower than the second-hand price of about $19,697 in Hai Ao Bay, which is 3 years old in the same district.


The first units at Longview are at a similar discounted average price of $17,578 as the first units at Hei Tai in March 2019 and the first units at Azure East Coast in November 2020, which is the flattest average price for a new development in Kowloon City since November 2020.


Poly Real Estate (Hong Kong) sales and marketing director Zhu Meiyi said yesterday, the plate yesterday to receive tickets, depending on the response to the tickets, additional units have room for price increases, the earliest to start selling next week, and that the interest rate increase in a gradual manner, I believe the burden of mortgage payments will not be too great.


The first price list includes 17 open-plan units, 41 one-bedroom units, 67 two-bedroom units and 3 three-bedroom units, with an area of 261 to 730 square feet, at a maximum discount of 15%, at an average price of $17,938 per square foot.


The entry unit is Room B on the 6th floor of Block 1, with an area of 261 square feet and an open floor plan, at a discounted price of $4,139,500.


As for the flattest one-bedroom and two-family units, the discounted prices are $5,643,900 and $7,610,500 respectively, with an area of 331 square feet and 466 square feet.


The developer offers different payment options, with a maximum discount of 15% for buyers using the 180-day cash payment (10% down) and the 180-day cash payment (5% down) plan for the Kwun Tong District Home Buyer's Upgrade.


The maximum discount is 12% for Construction Period Payment (10% down payment) and Easy Construction Period Payment (5% down payment) for units of 350 sq ft or above; and 14% for 360-day Cash Payment Plan.


Centaline Property Asia Pacific Vice Chairman and President of the Residential Department, said that Long Yu feet price compared to the same area second-hand feet price of about 15% discount, but also the Kowloon City since November 2020 the most flat first-hand average feet price, can be described as "Kowloon plate New Territories prices", I believe that fine units can be recorded not bad to undertake.


Midland Property Residential Division Chief Executive Officer (Hong Kong and Macau) Bu Shao Ming pointed out that Long Yu about 6 minutes walk to the Yau Tong station, the price list relative to the same area new discounts, coupled with one and two rooms mainly, is expected to attract young customers. The project is also expected to rent up to $40 per square foot, with a rental return of about 3%.


Located at 29 Ko Chiu Road, Yau Tong, Longview offers 634 units, with standard units ranging from open to 3 bedrooms, with an area of 246 to 730 square feet, and 3 special units with an area of 714 to 1,601 square feet.


The site was acquired by Poly Land in August 2018 for $3.3 billion at a floor price of $9,257 per square foot, lower than the market floor of $10,000 at the time, and a two-year low for residential land in the city that year.


In the same year, the project brought in Stanley Ho's "fourth wife", Angela Leung's Sang Ka Holdings, with a 30% stake.

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