The discounted average sq ft price of the first batch of 30 units is HKD31,271, the highest among first-hand properties of Kowloon this year.
(By Leong Yuet Kam)
Mainland real estate companies compete to launch projects attracting customers at the beginning of the second half of the year. Following China Overseas and Jiayuan International offering prices one after another to additional launch The Regent in Tai Po and T Plus in Tuen Mun, Fullsun yesterday announced to firstly launch 30 units of their first project in Hong Kong La Salle Residence which is ready in La Salle Road 6, Ho Man Tin at average sq ft price of HKD33,715, with the highest discount of 7.25%, leading the discounted average sq ft price to HKD31,271, which is 28.6% higher than the discounted average sq ft price of first batch of pre-sale project Timber House in same district at the end of this April developed by New World, also it is the highest open price among first-hand properties of Kowloon in this year, while it is close to the second-hand price in the same district. The discounted lowest prices for 260 sq ft one-bedroom flat is HKD7.41 million, for 402 sq ft two-bedroom flat is HKD11.186 million.
The Investment Director of Fullsun International Holdings Group, Cheong Nam expresses, the pricing of the first prices list of La Salle Residence is conservative, which refers to the recent market transactions and reflects the location and landscape quality, and its happy prices hoping to bring surprises to the market. He says, the application has started since yesterday, and the additional launch will be arranged in response to the application reaction, also the sale is expected to start in the next one to two weeks.
Additional launch or not depends on the reaction of application.
Being asked if they are conservative on Hong Kong property market trend since Fullsun had spent HKD920 million in last March to buy La Salle Residence from EASYKNIT INT'L which means some sq ft prices in the first batch are close to the cost sq ft price of HKD28,000, Cheong Nam responds, the group has confidence in the long-term prospects because recently the Hong Kong stock market has rebounded and the property price index has reached a new high, plus the land supply in Hong Kong is in short supply.
The first batch of 30 units of La Salle Residence include 6 units of one-bedroom and 24 units of two-bedroom, in usable areas of 260-419 sq ft, and the sale prices are HKD7.989-17.466 million with the discounted prices at HKD7.409-16.199 million, also the discounted amount for the first batch is about HKD360 million. Among them, there are 2 units at discounted price less than HKD8 million and 5 units at discounted price less than HKD10 million.
The average sq ft price of the first batch of 30 units in La Salle Residence is HKD33,715 with the discounted average sq ft price at HKD31,271, which is the highest first-hand property open price in Kowloon in the past one year, following the first batch of 30 units of Enchantee in Mong Kok last June at the discounted average sq ft price of HKD25,514; In Ho Man Tin District, it is the most expensive first batch price in the past three years after the first batch of the discounted average sq ft price at HKD27,394 of Ultima phase II in March 2016. The second-hand housing estates in the same district are mostly provide large units, and it is similar to the transaction sq ft price of feature flat in same grade Seven Victory Avenue recently.
The developer dose not provide first mortgage at this time.Cheong Nam reveals that they would cooperate with mortgage agencies or banks to launch mortgage preference plans.
The Senior Business Director of the exclusive agency Kowloon Luxury Property of Centaline, Lee ChiMing expresses, the pricing of La Salle Residence which is located in luxury urban area supplying mainly small-medium flats is close to market level and similar to the newly projects in the same district, and the prices of about HKD7 million for new flats are rare in the same district, so it is believed users and investors for leasing will be attracted.
T Plus in Tuen Mun additional launches 120 units with mark up of 5%.
On the other hand, T Plus in Tuen Mun named "Dragon Bed” project developed by Jiayuan International and Stan Group yesterday additional launched 120 units in usable areas of 134-227 sq ft at prices of HKD2.546-5.314 million, and the discounted prices are HKD1.986-4.145 million after deducting the highest discount of 22%, about 4.7-6% of mark up compared with the prices of the 36 units being additional launched on last Thursday, besides there are 115 units at discounted prices less than HKD4 million. Taking the newly-launched room 21 on the 7th floor as an example, it is 170 sq ft at price of HKD3.386 million, while the nearby room 20 on the same floor and same area of 170 sq ft was HKD3.224 million on last Thursday, in mark up of about 5% .
Source points out that, T Plus has received 4,300 applications, an over-subscription of 18 times base on the total 227 units of relaunch and additional launch. China Overseas’ The Regent in Tai Po has received about 600 applications, an over-subscription of 2.3 times base on the additional launched 180 units in last week.
Local developers are reluctant to sell the flats. SHKP’s Mount Regency II in Tuen Mun yesterday announced to put on sale limited quantity of 20 units on a first-come, first-served basis at this Friday night, and they are 3 units of open style, 2 units of one-bedroom, 8 units of one-bedroom with storage room, 6 units of two-bedroom, and 1 unit of three-bedroom.
One-bedroom flat of Fleur Pavilia was sold at nearly HKD15 million.
For the first-hand property trading, La Vetta in Lai Ping Road, Kau To, Sha Tin developed by Wing Tai and Manhattan sold H33 villa by tendering, it is in usable area of 2,233 sq ft joining garden in 259 sq ft and terrace in 456 sq ft, and the transaction price was HKD54.82 million, with the sq ft price at HKD24,550.
New World’s Fleur Pavilia in North Point sold one one-bedroom apartment, which is room C on the 18th floor of Block 3 in usable area of 519 sq ft, and the transaction price was HKD14.681 million with the sq ft price at HKD28,287.
