After the full customs clearance between Hong Kong and the Mainland, Cheung Sha Wan Oasis, a joint venture between Cheung Sha Wan and the Urban Renewal Authority (URA), has taken the lead in cutting prices by up to 18 per cent by selling the last 18 units of strata units and putting up 4 units of rooftop units for sale by tender.

The last 18 strata units on the price list went on sale at 7pm last night, attracting a queue of about 104 prospective buyers outside the sales office at the Chevalier Metropole mall in Hung Hom, who queued up to register and select flats by ballot on the spot.

According to sources, the 18 units on the price list were sold out in about 90 minutes.

The Oi Hoi Sung at 201 Hoi Tan Street in Cheung Sha Wan has been occupied, offering 876 units. Cheung Kong Real Estate said earlier that it would sell the remaining units at "reasonable and attractive" prices, so as to cash out as soon as possible and make settlement arrangements with its partners to use the funds for other investment purposes.

The 18 strata units offered for sale are available in four payment options. The 90-day payment plans range from $11,790,000 to $13,465,000 in real terms and from $15,000 to $17,464 in real terms, representing a reduction of 11% to a maximum of over 18%. Among them, the entry unit is Room B on 10/F, Block 3, with 3 rooms, 786 sq ft, at a discounted price of $15,000 per sq ft.

VMS Managing Director Mr Chan Yuk Sing said that VMS has sold 10 units since its launch in early February, generating more than $103 million in cash, and yesterday put up three additional units for sale by tender from next Tuesday.

Centaline Mortgage and Meridian Mortgage are offering mortgage deals. Centaline Mortgage's Managing Director, Ms. Wong Mei Fung, said the property is offering a full term mortgage with interest rates as low as H+1.3%, a cap rate as low as 3.375%, cash rebates of up to 2.3% and a maximum 90% loan-to-value ratio with a repayment period of up to 30 years.

Midland Partners Meridian Mortgage offers mortgages with interest rates as low as H plus 1.3% for the full term, capped at Prime Rate P minus 2.5% (P is 5.875%), with a maximum loan-to-value ratio of 90% and a maximum term of 30 years.

On the other hand, Mr Wong Kwong-yiu, Managing Director of Wheelock Properties, said that KOKO ROSSO is expected to open its show flats and showroom to VIPs next Thursday as a priority, with the opportunity to open prices on the same day, with reference to Phases 1 and 2 of the same series, which have recently been sold at an average price of about $21,000 per square foot.

The developer expects to attract buyers and investors to the market, with over 1,000 enquiries so far, of which about 10 per cent are from the Mainland, and hopes to stimulate the market through first-hand sales.

According to Yeung Chung-wing, Director of Marketing and Planning of Mid-Continent Real Estate, the tender for the sale of three special units at Starbase Embankment in Fo Tan has resulted in a total of over $66.9 million in cash. Among them, Flat B on 49/F, Block 2, with 1,505 sq ft and a built-in staircase connecting to a 1,134 sq ft rooftop, was sold for $48.16 million at a price of $32,000 per square foot, the first unit with a rooftop to be sold in the project, breaking the top of both the sale price and the price per square foot.

It is reported that the buyer is using it for owner-occupation. With the project nearing completion, six transactions were recorded this month, with a total of over $100 million in cash.