( By Yan Lunle)
Up to five new projects with more than 400 units from Chinachem are delayed to be put on sale in this year because of the Residential Properties(First-hand) Sales Ordinance, so their sale target is HKD 5-6 billion, which is the highest in history. Wu Chongwu, the Sale Manager of the company said yesterday, their first project after Chinese New Year is The Golden Gate, sale arrangement of which will be public today, and it is predicted first batch of 58 units will be put on sale this Saturday with average sq ft price at HKD 14,930.
Wu expressed, the first project among the five being put on sale in this week is The Golden Gate in Tai Pu, which has about 127 units, after then they will put on sale about 37 units of JIN.YUMEN in Nga Tsin Wai Road of Kowloon City between March and April, and will sell about 91 units of Jade Cove in Tsing Fat St of Tuen Mun from May to June, after will launch about 47 units of Ede Road project in Kowloon Tong, and in the fourth quarter will put on sale Inverness Road project including about 128 units in Kowloon City. Jade Cove and Ede Road project among will be put on sale in ready flat, and they will pre-sale Billionnaire Avant and Inverness Road project.
The pending five new projects are in value of HKD 12 billion.
The above five new projects are in value up to HKD 11-12 billion, in total about 430 units, since the property quantity is the top of the group in history, so they rise the sale target to HKD 5-6 billion. There are still stock units including units of Billionnaire Royale in Kowloon City waiting to be put on sale in this year.
Developer yesterday opened sample flat in 17th floor of The Golden Gate to media, and Gong Zhongxin, the Executive Director and Marketing Director of Chinachem introduced the project in the site. Wu expressed, 1,600 groups of customers visited the sample flat in the first three days of Chinese New Year, 80% among are from the same district, and it is predicted the customers from other districts will be more. He emphasized they will limit each customer with most application at two cases to avoid too many applicants abandoning.
Wu said they will rent out the commercial part of the project, the 1st floor in usable area of 15,000 sq ft among will be rent to international, and 6,000 sq ft ground shops will be rent to three restaurants.
Property price will not largely down under high cost.
About future market, Wu frankly said its difficult to be predicted, but he disagreed with the property price will fall by 20%-30% predicted by some market insiders. He pointed, property price will not largely fall because current construction fee is high and the land price is expensive. However, he also admitted the pricing of new project is down comparing to it one year ago, although pricing of some new projects is much the same to that in one year ago, but it base on usable area and with many privileges.
As for the fail of Tin Wing Stop project in last week, he analyzed the group gave up biding because the karst cave problem there causing the rise of construction fee. About the following land sites, he disclosed the company is interested in two land sites in Kai Tak, and they also pay attention to Tuen Mun land.
