Sun Hung Kai Properties' University Hill, Pak Shek Kok, Tai Po, announced yesterday its first price list of 123 units, including one to three bedrooms, less cash payment of up to 15% discount, discounted average price of $16,288 per square foot, 297 square feet of one-bedroom discounted $4,372,400 entry, square foot price compared to the first batch of discounted average price of $17.498 per square foot in Silicon Hill, Phase 1 of the same series in May last year. This represents a discount of about 7% from the first batch of the same series of Silicon Hill at $17,498 psf in May last year, and a discount of about 10% from the first-hand price in the same area.
The show flats will be open to the public from 2pm this afternoon and tickets will be collected this Saturday. Depending on the response, sales will commence next week at the earliest.
The first price list for University Hill was described by SHKP Deputy Managing Director, Mr Lui Ting, as "unbeatable price for a high calibre", which is about 7% higher than the first price list for Silicon Hill, the first phase of the project, in May last year. He also said that the project's proximity to the Chinese University of Hong Kong and the Government's High-end Talent Pass scheme have been well received, which is believed to drive the entire rental market in the short term, benefiting those who have purchased units for rent.
He believes that the atmosphere of the property market has improved significantly after the full resumption of the regular customs clearance in Hong Kong, coupled with the fact that the US interest rates will soon peak and the pressure of interest rate hikes on the property market has now been removed, people's confidence in home ownership is being strengthened. Moreover, with the recent banking turmoil in Europe and the United States, property ownership is more stable and reliable, and Hong Kong's "bricks and mortar" has always been the best choice for wealth preservation and appreciation.
SHKP's Acting General Manager, Mr Hu Zhiyuan, said the first batch of 123 units at University Hill, located in Blocks 1, 2, 5A and 5B of The Landmark, range in size from 273 to 640 square feet, comprising 23 one-bedroom, 86 two-bedroom and 14 three-bedroom units, and offer four payment methods.
Among them, the Cash Payment Plan offers a maximum discount of 15% on the real price of $4,372,400 to $11,468,000, with a discounted unit price of $13,518 to $19,321. The remaining Flexi-Payment Plan, Flexi-Home Purchase Plan and Flexi-Upgrade Payment Plan offer discounts ranging from 1.5% to 10%, as well as various tax incentives or one-payment arrangements, including a 5% cash rebate for Research Professionals/Academic Talent buyers for 75 units. In addition, the developer also offers $10,000 discounts or furniture discounts for selected open-plan, one-bedroom and two-bedroom units.
Mr Chan Wing-kit, Vice Chairman of Centaline Property Asia Pacific and Chief Executive Officer of the Residential Division, said that after a 15 per cent drop in property prices last year, the property market and the community have gradually returned to normal with the full resumption of customs clearance this year, and property prices have recovered by about 7 per cent from their low levels since the beginning of the year.
University Hill is priced competitively and in line with the market, with a 7% discount to the first price list of the project and a 10% discount to the first-hand price in the same area, and is close to the future Pak Shek Kok railway station.
The Chief Executive Officer (Hong Kong and Macau) of Midland Real Estate, Mr. Bo Siu Ming, said that University Hill is close to a major innovation town, the planned Pak Shek Kok MTR station and the new bus station to be completed next year, and with the low market price, it is believed to be attractive to investors and is expected to account for about 30%.
