Hong Kong's Wen Wei Po (Reporter LeungYuk Cum)As the slowdown of the economy,the new supply continues to increase,there is upward pressure on the interest rates next year.City Point in Tsuen Wan by developer Cheung Kong in cooperation with Nan Fung yesterday announced the price list first batch of 350 units which recorded 28%-50% much cheaper than the second-hand property prices,with the average real price of HKD $12,140 per sq.ft,the developer provided a installment payment method and free of of taxes,provides up to 15.75% discount,the average real price of $10,228 per sq.feet,making two rooms ( 483 feet ) with an discounted entrance fee of about HKD $4.51 million,lower than second-hand property prices in the same district of about 28%,as for 3 bed-room ( 694 feet )with a discounted admission fee about HKD $5.30 million and 4 bed-rooms ( 902 feet ) with an entrance fee of about HKD $ 900 million, 38% and 50% much lower than the neighboring Vision City and The Dynasty's three bedrooms units respectively,the property prices of 4 bed-rooms were lower by about 31% and 40%.The developer have opened the demonstration units to the public starting from today,will be announced the sale arrangements next week.Insiders refer to because the pricing was attractive,it is believed that the second-hand property transaction in the district in the short-term period will be under pressure.
Justin Chiu,executive director of Cheung Kong Group described the first unit price of City Point is a good price,with a total of 1,717 units,which is the largest new housing estates by Cheung Kong in the past two years after the implementation of the first-hand property legislation in April 29 last year,this year sales target of 800 units.Recently,the government relaxed DSD for flat period,expectations for flat can help the buyers with more time to sell the property on hand,but continued to increase in the future new supply,the property sales had little effect on the first-hand property sales,there is no benefit fro the developers,so the partners did not result in revised price lists,it is expected that the property sales of City Point can help some of the buyers for home-use.He was referring the group haven't launched out the property sales for six to seven years,so the real transaction price in the district reached HKD $12,000 per sq.ft,the first units will have a discount of 2-3% when the Group has been opened the sale,calculated with the current City Point first price,the property prices have been lower than the second-hand sq.ft price of over 10%.
He added as for teh City Point projects was won the bid by the group in 2008 , the construction cost was not as expansive than HKD $ 4,000,so it can put up for sale at an attractive prices.The next project by the group put up for sale is a Fung Yuen phase 1 in Tai Po,it is planned to be put up for sale in July.
The Government has no space for reducing the spicy trick
As for CY Leung have pointed out that he would not withdraw the spicy trick ,Justin Chiu means the government has less spaces for spicy trick,the developers have no specific moves on the spicy,because the Hong Kong mortgage rates are still low in the future time,so the buyers burden light,should seize the opportunity to enter the market at present .
Will announce the sale arrangement next week as the fastest way
Cheung Kong Real Estate Investment Director Lau Kai Man said that City Pint will put up for sale next week and it is expected to announce the sales arrangement next week as fastest as next week,the first price list of 350 units,including 56 units with 4 bed-rooms, 180 rooms with 3-bedrooms and 114 units with 2 bed-rooms.The group also offer home buyers incentives for the construction period and that offers the highest available 14.75% respectively and 15.75% of the deals.Practical project unit price of HKD $9,062 to HKD $14,328 per sq.ft, with a discounted price of HKD $7,634 to HKD $9,975.The project is expected to have occupation in March next year,according to the price list price of the first batch of units,worth about HKD $2.8 ten billion.
Midland Realty Chief Executive Officer of Residential department Pu Siu Ming said that the first batch of supplies to the City Point with 3 bed-rooms interval or above accounted for most of the units of the project,the second-hand property transaction price with more than HKd $13,000 to HKD $14,000 per sq.ft currently,which shown that the prices of the first batch of City Point was dominant,the market is bound to attract a lot of purchasing power.Recently, the Government has proposed to relax the DSD for flat year helped bring buyers into the market sentiment,especially first-hand uncompleted flats,feeding off the exchange floor more interested in the project.As the owners who are living in the area used temporarily still wait and see attitude,no substantial price split case,but the second-hand tradings in Tsuen Wan District recently quiet and under the new properties hastening,the second-hand property to fall into the frozen state.
The second-hand tradings in Tsuen Wan District is ecpected under pressure in the short-term period
Centaline Tsuen Wan and Lai city senior sales director Leung Bo Ling said they have received a large number of guests check on this new property data,of which the guests in the New Territories accounted for 50%,mainly from Tsuen Wan,Hong Kong Island, Kowloon buyers were accounted for 30% and 20 %. Most of teh potential buyers are first-tiime buyer,the proportion of about 40% , the proportion of the exchange floor and investors an aggregate of approximately 60%. Affected by the new properties drive in recent months, the secondary market sentiment continues to heat up,Tsuen Wan the second-hand property transaction in the region recorded about 100 in April. The City Point have put uop for sale,the local second-hand watching the atmosphere grows , buyers and owners generally intended to be made plans after the new properties offer the prices,resulting in second-hand property transactions slowed down,the region has recorded a turnover of approximately 35.After the new property have offer the price,the second-hand property in the district have no reaction immediately,the magnitude of the bargaining for about 2-3% ,it is believed that the second-hand property transaction will under pressure in short-term period of time in the district.
