Two new developments that are scheduled for sale in the near future have put up additional units for sale, with 62 new units being put up for sale at the railway superstructure project at Ho Man Tin Station. 4,500 tickets have been received for the project, which is more than 39 times more than the first price list. The new development in Tuen Mun, which has been on sale for the past few days, is likely to go on sale on the following weekend.
The developer has taken advantage of the low price of Phase 2 of Fei Yang, a joint venture between Cheung Kong Holdings (01113) and Sun Hung Kai Properties (00016), which has attracted market attention. The project is expected to sell on Saturday, with a total of 292 units on 3 price lists for the time being.
According to Yeung Kwai Ling, Assistant Principal Manager of the Sales Department of Cheung Kong Holdings, Price List No. 3 offers 74 one-bedroom units, 20 and 15 units of two and three bedrooms at a discounted price range of $3.165 million to $9.139 million, with the price of a square foot ranging from approximately $11,244 to $14,181. Newly launched units include the first launch of the project's full complement of podium garden units, including the only three-bedroom unit of the same type, at a discounted price of about $8,371,000.
She added that the remaining units and sales arrangements are planned for early in the week, with the opportunity to launch the full 400-unit project for sale over the weekend.
In addition, Cheung Kong's executive director, Mr Chiu Kwok Hung, noted that the response to the sale of the property was positive and the price of the project was generally acceptable to the market. According to market sources, the project is estimated to be over-subscribed by more than 20 times so far, based on the first price list of 88 units.
The property market focused on the new property market, with the urban railway superstructure project receiving a positive response from visitors and developers pushing additional units to meet demand. Chinachem Group, in partnership with MTR Corporation (00066), launched Phase 1B of The Opposite House at Ho Man Tin Station on Sunday (19) with an additional price list No. 2, involving 62 units at a discounted average price of around HK$26,398 per square foot. Over 4,500 registrations have been received, representing an oversubscription of over 39 times based on the first two price lists of 112 units.
The new units on sale today include 4 one-bedroom units, 41 two-bedroom units and 17 three-bedroom units with a saleable area of 336 to 941 square feet, at a discounted price of approximately $8,171,900 to $26,916,000 net of a maximum 15% discount, with square footage prices ranging from approximately $23,050 to $29,151. The lowest price is for Flat E on 26/F, Block 3B, with a usable area of 336 sq ft and a one-bedroom open kitchen design, at a discounted price of approximately $24,321 per square foot.
Chinachem Group's Sales Director Helen Fung said that this is the second price list to be launched at the original price, and together with the first price list, all 10 one-bedroom units in Phase 1B have been launched. The project has 16 special units, of which 4 four-bedroom units will be put up for tender later, and the remaining special units will be available in the next price list, and revealed that more than 10 groups of customers have enquired about purchasing the whole floor of Block 3A.
New luxury properties are actively traded, with Sino Land (00083) and other co-developers of ST. GEORGE'S MANSIONS in Kadoorie Hill, Ho Man Tin, selling a large four-bedroom home for over $120 million on Saturday (18), a new high for both the price and the price of a standard unit in the project.
The sale price was $120.8 million and the price per square foot was $56,133, for a 4-bedroom double unit with a usable area of 2,141 square feet on the 20th floor of Block 1. It is reported that 16 units have been sold in this year, involving a total of over $1.5 billion.
Since its launch, 34 units have been sold for a total of nearly $4 billion, of which 5 units are special units and 7 groups of large buyers have been recorded.
