Developer also cleared stock of super luxury house before the “ New Residential Property Sales Regulations” being implemented. Zhao Shi-zeng, the executive chairman of the CHEUK NANG HOLD expressed yesterday, the group will put on sale the Zi Wei Ju of CHEUK NANG LOOKOUT which located in No.30, Severn Road of The Peak at condition of non-occupation. The nearby Zi Tang Ju which is under lease also be put on sale together. The group had set up a subsidiary to hold these two houses. They can use company shares transfer to sale the houses if buyer purchases these two houses at one time. The price is totally HKD 570 million with sq ft price of HKD 47,500. It is estimated that buyer can save about HKD 85.50 million of BSD (Buyer Stamp Duty). He pointed, each of the house can be sold up to HKD 300 million if sold separately. The target customers are mainland or foreign people.
Each cover area of these two houses is 6,400 sq ft. There are private swimming pool, garden, indoor elevator and two parking slot in each house. He expressed, putting on sale these two houses currently is not because of the new regulations. The major cause is Zi Wei Ju is the only non-occupation house which just be finished from refitting. Zi Wei Ju also be placed to rent at intention monthly rent of HKD 420,000 with intention sq ft rent of HKD 65.
The problem of unauthorized building works on CHEUK NANG HOLD ‘s project in Ting Kau solved.
He added, the group’s One Kowloon Peak in Ting Kau, Tsuen Wan already received the Occupation Permit. And now they are waiting for the pre-sale written consent. The problem of unauthorized building works had been solved and the project is under the refurbishment which cost millions.
He Pointed, government’s many measures about property market only cause lower efficiency. Developers who have large fund will not be affected much but just be slowed on project launching at the worst. While the second hand property owners who hurry to sale the house and take cash in will be affected. The one who being affected most is property agent. It is estimated that the property market will still dull in the following half year.
He hoped, government’s various SD (stamp duty) measures are temporary measures and can be canceled after market is stable. He suggested government should not launch too many measures but build more houses because too many measures made the market more complicate on the contrary and waste the sources. Although he believed the measures are not good, but there was no much effect to the group.
As for other new projects, source told, The Reach in Yuen Long and The Riverpark in Sha Tin each sold 2 units. And SEVILLA CREST in Sham Shui Po sold 1 unit. According to the data of Land Registry, the whole top floor of building 5, phase 1 of Providence Bay in Tai Po including room A, B, and C in 10th floor sold at HKD 101 million. The registered buyer is Cai Jia-yi who has the same name with daughter of Cai Zhi-ming (“Toys King” , Francis Choi, the chairman of Glorious Sun Enterprises which major in business of toys and investment.). Room A, 10th floor among is in cover area of 3,006 sq ft and in usable area of 2,394 sq ft. The unit sets with outdoor swimming poor. The indoor elevator up through to the private platform which in area of 3,117 sq ft and private swimming pool of which the area is 189 sq ft. Room B and C both are in cover area of 1,498 sq ft and usable area of 1,167 sq ft. The platform areas of them separately are 901 sq ft and 950 sq ft.
