"Dragon Bed" unit of the lowest sale price has a discounted sq ft price in nearly HKD 20,000.
(By Liang Yueqin)
Developers speed up the sales of tiny house projects as property market is warming up. AVA 228 in Tai Nan St, Cheung Sha Wan, developed by the company of senior investor Mr. Wah Lo’s family group, launched the first five feature houses yesterday. Among room D and E on 2nd floor that are hailed as the "Down Town Dragon Bed" are both in usable area of only 129 sq ft with a platform in 28 sq ft. The discounted prices are all HKD 2.5696 million with the discounted sq ft prices up to HKD 19,920 each, which is the cheapest first hand property of Hong Kong over the past two years after the Ori in Tuen Mun. While the discounted sq ft price is 6.2% higher than the discounted sq ft price of 151 sq ft standard unit in HKD 18,753 on the same floor that launched on 23rd last month. The New World’ Stanford Residences in Ma Tau Kok also uploaded a sales brochure yesterday. There are 14 units on each floor with the smallest unit is only 283 sq ft.
The price list shows that AVA 228 additional launched 5 units yesterday, all located on the 2nd floor. They are platform feature units in usable areas from 129 sq ft to 211 sq ft and the prices are from HKD 2.92 million to HKD 6.773 million with the sq ft prices from HKD 22,636 to HKD 32,100. The highest discount is 12% of the property price, leading the discounted prices from HKD 2.57 million to HKD 5.96 million with the discount sq ft prices from HKD 19,920 to HKD 28,248.
Room D and E on 2nd floor, which are both in usable area of 129 sq ft joining with platform of 28 sq ft, is in discounted price of HKD 2.57 million. According to the data, Nam Phong’s Ori in Tuen Mun launched one 253 sq ft unit in discounted price of HKD 1.97 million in 2016, thus AVA 228’s 129 sq ft unit becomes the cheapest first hand property of Hong Kong in more than two years, also is the smallest first hand property in recent years. The most expensive one is the room H on the same floor, which is in usable area only 211 sq ft, but it has platform in 520 sq ft, and the price in list is as high as HKD 6.773 million leading the discounted price to HKD 5.96 million with the discounted sq ft price up to HKD 28,247. These 5 units will be put on sale next Tuesday.
Stanford Residences uploaded brochure and one room units are more than 80%.
On the other hand, after the announcement of the price list by Henderson Land’s The Vantage in Hung Hom, the New World's Stanford Residences in Ma Tau Kok of nearby district also uploaded a sales brochure yesterday. This project is one building divided into two wings, A and B. The lowest is 8 floors, with 14 units on each, supplying totally 294 units in usable areas from 283 sq ft to 386 sq ft. All of them are one-bedroom and two-bedroom units. One-bedroom accounts for more than 80% of the total. The project is expected to be finished in March, 2021 and the pre-sale period is about two years.
In addition, LOHAS Park LP6 developed by Nam Phong, OCEAN'S and MTR appeared 14 cases of forfeiture of initial deposit, and Nam Phong confiscated at least HKD 10.86 million. There were 14 large-scale cases of forfeiture of initial deposit on February 28 in LOHAS Park LP6 in Tseung Kwan O. The buyers bought LP6 units from September 8 to 25 respectively last year with the transaction prices from HKD 5.05 million to HKD 12.774 million, using immediate or construction payment. The buyers need to pay 95% of the property price or extra 5% deposit after 120 days of signing the temporary sale and purchase agreement, but all were forfeiture of initial deposit, and the loss estimated to be at least 5% for deposit, involving up to about HKD 10.86 million, according to the first-hand transaction record book.
Jade Cove villa was sold in HKD 72.8 million, the peak of the project.
About first hand property trading. Wheelock’s MONTEREY in Tseung Kwan O sold a number C villa in the tender yesterday. The usable area is 1,843 square feet, joining with garden in 1,124 sq ft and rooftop in 686 sq ft. Its transaction price was HKD 52.57 million with the sq ft price in HKD 28,300. This project has sold 5 villas taking in HKD 260 million.
Chinachem Group’s Jade Cove in Castle Peak Road, Tuen Mun registered the first transaction of detached house. Its number 10 house of Sea Jade, a single side detached house in usable area of 2,788 sq ft, which is 3 layers with rooftop and has detached garage, super large garden in 3,603 sq ft joining with 618 sq ft of platform and 164 sq ft of rooftop. The house was sold in HKD 72.8 million, becoming the highest of the project, and the sq ft price was HKD 26,112.
Sino took in more than HKD 1 billion on property sales last month.
Sino sold 84 units in February, mainly from GRAND CENTRAL in Kwun Tong, MAYFAIR by the sea 8 in Pak Shek Kok, Tai Po, The Palazzo in Fo Tan, Sha Tin and The Mediterranean in Saigon, taking in more than HKD 1 billion. While GRAND CENTRAL in Kwun Tong and MAYFAIR by the sea 8 in Pak Shek Kok, Tai Po also respectively sold 3 units yesterday.
