Yuen Long station project news pushes up price in New Territories west up to HKD 24 thousand.
(By Ngan Lun Lok)
Sun Hung Kai won West Rail Yuen Long station project by HKD 9.32 billion and claimed to totally invest HKD 20 billion, which affects and pushes up property market in the whole New Territories northwest. Sun Hung Kai's Century Gateway in Tuen Mun even occurs sq ft price up to HKD 24 thousand, breaking New Territories northwest floor style residence sq ft price record in history, and the transaction price was above HKD 40 million, according to data from Sales of First-hand Residential Properties Electronic Platform (“SRPE”). By this price, people can buy house in Quarry Bay Taikoo Shing in down town and even can buy old luxury property in Midlevels Central, industry pointed.
Sun Hung Kai's Century Gateway phase 1 in Tuen Mun just sold one feature unit by latest peak price, which is compound apartment room C in 47th and 48th floor block 1 including 3 parking spots, and the transaction price was HKD 41.37 million with sq ft price at HKD 24,068 base on usable area 1,719 sq ft, balcony area 1,359 sq ft and platform area 145 sq ft, being the latest highest among floor style residences in New Territories northwest, according to “SRPE”.
Feature unit sq ft price up to the latest peak in New Territories northwest.
Reviewing data, Century Gateway the former peak price occurred in room E 42nd-43th floor block 3 phase 1 sold in last month, including two parking spots, and the balcony and platform respectively is 519 sq ft and 52 sq ft, besides the transaction price was HKD 31.18 million with sq ft price at HKD 23,115 base on usable area of 1,349 sq ft. This time the sq ft price is 4.12% higher than the form one.
Insider pointed, by this sq ft price, there are many choices in down town, and Hong Kong Island blue-chip project Taikoo Shing the latest peak sq ft price was just HKD 21,095, unit of which is Willow Mansion high floor room A having open Sea view and Garden view, and the transaction price was HKD 23.8 million. In fact, purchasing power capable of sq ft price at HKD 24 thousand also have many choices among old luxury house in Midlevels Central, for example, Tregunter Towers sold one unit in middle floor block 3 in June at HKD 33.38 million with sq ft price only at HKD 21.6 thousand.
In addition, recently Kowloon Station The Arch Moon Tower (block 2A) low floor room E in 395 sq ft in layout of one room just sold at HKD 9.9 million with usable area sq ft price at about HKD 25,063, and the available houses in this project are about 190, the lowest price of which is about HKD 10 million, Ricacorp Properties Chang Ka Wing expressed. Which means money for one Century Gateway compound apartment can buy four units in The Arch.
Mainland customer buy house in Century Gateway after strict stamp duty.
At the same time, Century Gateway second hand property market also had transaction at latest peak price, which happened in phase 1 block 5 middle floor room F, and it was bought by mainland customer at about HKD 5.2 million with usable area sq ft price at about HKD 13,867 base on usable area of 375 sq ft, being the most expensive one room unit among phase 1 of this project, Many Wells Yuen Sze Yin expressed. It is known, buyer owns another renting out unit in same project, who need to pay BSD (Buyer Stamp Duty) and DSD (Double Stamp Duty) at totally more than HKD 1.09 million this time. The original owner bought this house by HKD 3.6673 million in 2012 earning book profit of HKD 1.532 million, and the house appreciates about 41.8% after three years.
In fact, these months, property transaction in New Territories obviously rises, with New Territories and Hong Kong Island second hand private residential transaction register among Hong Kong three major areas in July higher than of June, and New Territories has the most obviously rise, which was 1,833 transactions up 7.3% than 1,708 in June, Centaline Property Research Department Senior Associate Director Huang Leung Sing pointed. Hong Kong Island second hand residential property transaction was 868 in July, up 6.1% than 818 in June.
On the contrary, Kowloon second hand property transaction in July was 1,309, down 5.2% than 1,381 in June. It reflects Kowloon had many new projects being put on sale in June, attracting the purchasing power, Huang Leung Sing pointed. Supported by user demand, the second hand property transactions in New Territories and Hong Kong Island maintain stable and rise, however, the predicted whole second hand property transaction in August will decrease because of Hong Kong and mainland stock market volatility.
