On the eve of the launch of a number of major new developments in the month, the end-of-sale properties are the first to be offered at a price cut. Cheung Sha Wan Oasis, a joint venture between Cheung Sha Wan and the Urban Renewal Authority (URA), announced yesterday that the remaining 22 units will be put up for sale next Friday, with 10 of the three-bedroom units offered for sale at a discounted price of 11% to 16%, starting at $11.79 million for 90-day payments.
K. Wah International's K. Wah Kai Hei in Pak Shek Kok, Tai Po, also updated some of its price lists yesterday, adding a 75-day cash discount plan, with the maximum discount rate increased from 21.5% to 25%, representing a 3.5% reduction in price.
On the other hand, the second-hand luxury residential properties are now a huge loss, the Asian property king MOUNT NICHOLSON, a middle-rise unit in the Peak in less than 5 years owner's book to sell more than 138 million yuan, the amount is enough to sweep the above 10-unit price list of three-bedroom units in Oi Hoi Son.
Cheung Kong sales department senior sales manager Leung Cheuk-kong said that the remaining 22 units of Oi Hoi Son are scheduled to be put up for sale next Friday, of which 10 units are put up for sale with price lists, all three-bedroom units, with an area of 736 to 786 square feet, at a discounted price of about $11.79 million to $12.87 million, which is about 11% to 16% lower than the last price list, with a maximum price reduction of about $2.41 million; the discounted price of a square foot is $15,000 to $17,124.
The lowest price is for Flat B on the 10th floor of Block 3 at a discounted price of approximately $11.79 million, with a sf value of approximately $15,000. Another 12 units are available for tender from the same date.
Although the customs clearance is good for the property market and Hong Kong has come out of the epidemic, the property market still needs time to recover, as there are not many units left in Oi Hoi Son, the implementation of the rotation of goods, reduce prices to benefit the residents.
He expects the property market to remain stagnant in the first half of the year, and in the second half of the year, depending on economic development, he believes that property prices will remain volatile this year, but the volatility will be narrowed from 10% to 8%.
Last year, the epidemic and interest rate hike led to less than 10,000 first-hand transactions, and the number of first-hand transactions in Hong Kong also pushed up to about 16,000 units.
Centaline Property Asia Pacific Vice Chairman and Chief Executive Officer of the Residential Division, Mr Chan Wing-kit, believes that the price reduction of Oi Hoi Son is a recovery of the market price, coupled with the small number of units available and the cost of vacant units, this is a real "benefit to the neighbourhood", and can also take advantage of the window before the launch of a number of large new developments to launch sales, to avoid competition for customers.
The Chief Executive Officer (Hong Kong and Macau) of Midland Realty, Mr. Bo Siu Ming, also believes that the developers want to keep the stock in rotation and sell off the remaining units as soon as possible.
As for other properties, K. Wah International's K. Wah Kai Hei in Pak Shek Kok, Tai Po, also updated some of its price lists yesterday, adding a 75-day cash discount payment plan and offering a 14.5% discount. Together with other offers, the maximum discount has been increased from 21.5% to 25%, representing a 3.5% reduction in price.
Kowloon Development's Hoi Yin Estate in Tseung Kwan O has also added a one-year live-and-pay (13% discount) and two-year live-and-pay (11% discount) payment method, with a 2% rebate for early transactions, and will put 30 units on sale tomorrow, including one- and two-bedroom units, with a discounted admission from $7.1 million.
On the other hand, SHKP's agent said that with the soft launch of Phase 2B of NOVO LAND in Tuen Mun, Phase 2A has also received pre-sale consent for 929 units, which is likely to follow the launch of Phase 2B of the project.
In addition, a large number of first-hand orders were recorded. The 1,708-square-foot, four-room apartment A on 17/F, Block 3, Phase 2 of SHKP's Homantin Sky Casting, originally sold for $68.066 million in January 2019, has been listed for termination and is expected to be sold for $6.8 million by the developer.
As for the second-hand luxury properties, there are cases of eclipsed sales. According to information, a 4,596-square-foot mid-rise unit in Block D of MOUNT NICHOLSON Phase 3 at The Peak in Asia, together with a car park, was registered as having changed hands at the end of last month for about $390 million, leaving the original owner with a loss of more than $138 million.
The original owner purchased the unit in October 2018 for $519.99 million and subsequently bought a car parking space in 2021 for $9 million, for a total purchase price of approximately $529 million.
