Hong Kong's Wen Wei Po (Reporter Leung Yuk Cum) NWD announced the annual results day before,the Group Chairman Henry Cheng Kar Shun once said the developers may consider to price reduction to offset future rate hikes pressure,ringing in the ears,The Pavilia Hill in Tin Hau Temple Road,North Point which developed by the group in cooperation with HSH released the first batch of 72 units with the price below the market price last night.These flats with the salable area of 597 feet to 1,521 feet, priced at HKD $1.5546 ten million and HKD $5.6119 ten million,with the average price of HKD $27,708,to provide up to about 15% discount,discount real price per square foot for about HKD $23,500 and comparable to the average second-hand property sq.ft prices,about 10% lower than the other new housing estates.
New World Development Sales & Marketing Director Yeung Man said yesterday, the firsts batch units of new residential project The Pavilia Hill in North Point including two rooms and three rooms interval,the reference price on Hong Kong Island and fellow recent sale of the new property The Signature in adjacent areas,the price per square foot for about HKD $25,000 to HKD $31,000,the sales office of The Pavilia Hill is located in COSCO Tower,Sheung Wan,there are two water room demonstration units,will be officially opened tomorrow,on sale next week as the fastest time.
The first batch 72 units will be on sale next week
The recent second-hand transactions in the district such as Park Towers with the sq.ft price of HKD 23,000,Sky Horizon with the price of HKD $22,500 per sq.ft,Braemar Hill Mansion with the price of 21,500 per sq.ft,the price of the first batch units of The Pavilia Hill were similar to the second-hand prices.
According to price list shows that developers only receive early payment method construction period to repay benefits,the biggest discount 6%, New World Club's members 3% discount and 90% cash rebate of stamp duty or stamp duty ad valorem 60% buyer cash rebate,Hong Kong permanent resident buyers receive rebates of HKD $100,000 if not choosing second-mortgage,buyers who have bought the unit with 4-bedrooms interval will receive parking space subscription rights, if the buyers do not need a parking space,can reduce HKD $500,000.
Yeung Man also said the group sales and parking revenue over HKD $1.45 hundred billion yuan this year,surpassing last year's total of about HKD $1.4 hundred billion,hit a new high record in recent years.
Offers 358 different types of units
The Pavilia Hill with the total of five building offers 358 units,including a room (an area of 596-716 feet), 2 rooms(area 596-735 feet), 3 rooms (913 to 1,188 feet), 4 rooms (1,188 to 1,521 feet) and duplex units (1,186 feet to 3,751 feet), the project has a clubhouse and 139 parking spaces.
NWD is the second sale of real discernable at below market price.The Group's annual results announcement the day before yesterday,Cheng Kar Shun, in response to concerns over the United States to raise interest rates when the impact of the problem on the local property market,that if the United States began to raise interest rates in the next two quarters,property prices in Hong Kong will be under some pressure,but the actual impact will depend on the rate hike magnitude may be; but there are still great demand of the housing needs at the moment, if the developers consider to lower their prices to offset the pressure to raise interest rates,it is believed that it can still maintain a certain sales. He also pointed out that the floor construction costs per square foot in Hong Kong, together with the premium cost is as high as HKD $7,000 to HKD $8,000,so it was is difficult to have downward adjustment in property prices and it is expected that property price still having 10% adjustment in the short term period of time.
