(reporter Liang Yue-qin) Although government launched strict measures to suppress the overhot property market, but new projects start again because there will less supply of luxury house projects in the next 2 years. The intention price of " Yi Qiao Mansion" which is the whole 5th floor and the last unit in Eight College developed by Hanison in Kowloon Tong was increased by 5.4% to HKD 58 million with the sq ft price at HKD 23,700. The Reach in Yuen Long developed by New World and Henderson addition launched 28 units yesterday at average sq ft price HKD 7,318. The cover area of them are from 597 sq ft to 879 sq ft and the sale prices are from HKD 4,231,000 to HKD 6,526,000. They will be put on sale this Friday at the soonest.
As for other new projects, Kerry's Lions Rise in Wong Tai Sin put on sale the 10 units which was unsubscribed before in these few days. 5 units of them sold until yesterday. As for Wing Tai 's The Warren in Tai Hang addition launched room A in 19th floor the day before yesterday. The cover area of it is 841 sq ft and the sale price was HKD 15.18 million with sq ft price at HKD 18,050. The market estimated that it was reserved.
Hanison said they received inquiries from mainland buyers
Zhou Jia-feng (middle), the project management director of Hanison expressed yesterday, " Yi Qiao Mansion" which is the whole 5th floor in Eight College of which the cover area is 2,446 sq ft will not supply home buying preferences and decoration. They already received inquiries from Hong Kong and mainland buyers these few days. As for government's BSD, he believed, the sale will good because the supply of luxury house projects is always less and the rise range of luxury houses' price was higher than 15% each year before. The project has accumulative sold 6 units. The average sq ft price was HKD 25,300 and the highest sq ft price was up to HKD 30,640. The accumulative markup is 10% and it took HKD 465 million cash in. Half of the buyers are Hong Kong people and others are overseas Chinese and mainland businessmen etc.
Zhou Jia-feng added, Hanison's next new project is commercial building in THE BEDFORD of Tai Kok Tsui. It tend to put on sale once in a whole floor. Each floor is in 3,040 sq ft. The intention sq ft price of low floor is HKD 5,500 and HKD 7,000 for above 20th floor. There already 3 groups of potential buyers holding purchasing talks for low floor units. The offer prices are almost the same with intention price at HKD 5,500. The occupation of the project will after next Chinese New Year in predicted and the time of put on sale will depend on market feedback. It is estimated that it can take about HKD 420 million cash in.
As for THE AUSTIN a residential project in Jordan , it just finished the ground engineering. It is estimated that it will put on sale as ready flats in first or second season of 2014. He said, they put on sale the project as ready flats is not because of effect from government's new measures, is because the group always put on sale residential property projects major in ready flats. He added, project in Tong Yan San Tsuen of Yuen Long is applying for land premium and predicted that it will be finished in one and a half years. The commercial building in No. 151, Hollywood Road which they just bought will finish the trade procedure in the end of this month. It is planed to be used as office building.
Kerry's new project in Inner Mongolia sales good
In addition, the residential project of Kerry Properties (0683) which is " Lan Hu Ju" in Manzhouli of Inner Mongolia occupied after complement of phase 1. More than 100 units of phase 2 already launched in middle of September and received nearly 80% for subscription. It is predicted that the units will be hand over in August of 2013. The cover area of " Lan Hu Ju" is up to 30,000 sq meters and the total construction area is about 90,000 sq meters. It includes single floor units in many layouts and duplex units with cover area from 70 sq meters to 260 sq meters.
