After soft-selling for many days, Cheung Kong's City Point in Tsuen Wan started the first round sales yesterday, launching 591 units. Market source pointed, over 14,300 applications were finally received, exceeding quota by 23.1 times, and it froze market funds at more than HKD 2.1 billion. The register from potential buyers started at 8:30 am yesterday. Many potential buyers accompanied by agents gathered on the site in Hung Hom, with queue extending to MTR station through pedestrian overpass, and the order was good thanks to the guidance of the staff.
The privileges in new price list maintain.
More than 200 units were subscribed in the first two hours after open, and average processing time for first batch buyers will be about more than one hour, expressed by Zhao Guoxiong, the Executive Director of Cheung Kong. There was representative from Sales of First-hand Residential Properties Authority (SRPA) on the site inspecting and was satisfied of the sales order. Customers also believe the arrangement was ideal and there has no complaint until now.
Zhao Guoxiong added, the group maintains sales target of 800 units this year, and will put on sale Lanshan in Fung Yuen Tai Po after the sales of City Point; And they will use same method to put on sale the Hemera in Tsueng Kwan. He pointed government's slight adjustment of house changing term in DSD benefit house changing customers and is helpful to stimulating house changing intention.
There were many house changing customers on the site. Mr.Chen who bought one three rooms unit by about HKD 7 million expressed, he was pleased with the earlier order number since he just applied one case. As for Mr.Feng who purchased a four rooms unit by about HKD 10 million, he frankly said the view of sea view unit is great while others are so so, when was asked for opinion about the surroundings.
The sales in this year may be over the target.
Market source pointed, these 591 units were all subscribed in nine hours after open, and the last buyer held the order number after 3,000. Developer taking the advantage of hot sales to additional launch the third price list including 354 units at the same night, 80 among are four rooms units while 160 there into are three rooms units, and others are two rooms units, sale prices of which are from HKD 5.432 million to HKD 13.262 million and sq ft prices of them are from HKD 9,714 to HKD 14,642, with average sq ft price at HKD 12,700. These units were additional launched at original prices. Developer maintains the privileges which will up to be 15.75% discount of the property price at the most. Room C of 7th floor in block 7 which is at HKD 4.576 million after all privileges is the cheapest. The latest sales arrangement has not yet been published by the developer. If all 945 units sold, then the sales target in this year will be over fulfilled .
The sales of this project decreased the second hand property transactions in the same district recently, but it sped up potential buyers' purchasing, so it is believed will be helpful to the market, expressed by Bu Shaoming, the Residential Department Chief Executive Officer of Midland.
Potential buyers speed up purchasing.
He also pointed largely price cut second hand property transactions in Tsuen Wan were less, and many owners wait and see the market reaction to this large project.
About some agents paying in advance for customers to apply, Chen Yongjie, the Asian Pacific Region Residential Department President of Centaline, frankly said it is against the Ordinance and risky, also recently Estate Agents Authority and each agency pronounced to investigate strictly. Centaline also will guide their staff by communication program.
