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Grand Jete in Tuen Mun sells 17 per cent of flats in 9 months, the first batch of 88 units in Phase 2, starting at HK$3.06 million for 266-square-feet room

Squarefoot Editor  2023-03-17  #Tips For Transaction

Developers are taking advantage of the booming market to launch properties, and flat prices are plummeting. The first price list of 88 units in phase two of Tuen Mun's Grand Jete in Tai Lam was announced yesterday, with a discounted average price of HK$12,509 per square foot. The discounted price is 17 per cent lower than that of Phase 1’s first batch in June last year (HK$15,050 per square foot), and a discounted entry price of HK$3.069 million for a 266-square-foot one-bedroom flat. Some estate agents said some units in the first price list of Phase 2 were reduced by as much as 25 per cent, describing it as extremely affordable. Victor Li Tzar-kuoi, chairman of CK Asset, responded yesterday, saying, "When you have the opportunity to buy cheaper flats, why not sell them cheaper?” He also said he hoped to help more people get on board. Leung Yuet-kam

Justin Chiu Kwok-hung, CK Asset’s executive director, yesterday described the price per square foot of Grand Jete’s phase two development as “shocking” aiming to set prices in line with the government's new tax bands and create more opportunities to help people buy homes. He added that the group has recently bought cheap land, and are confident in the rotation of goods, observing that the property market has been active this year, but he does not want property prices to rise sharply and unfavourably impact people's household income. Chiu stressed that most importantly, Hong Kong's economy is improving. Property prices are expected to fluctuate by about 10 per cent this year.

In addition, regarding the problems of European and American banks, Chiu believes that the current crisis was caused by quantitative easing in the early years and then raising interest rates to suppress inflation. Chiu added that the relevant governments should regulate the banking system, and he believes that future interest rate cuts are likely to increase. 

Land prices are low, so "why not sell for less"?

The release of the company’s announcements coincided with CK Holdings’ results announcement conference held yesterday. Li said that the group has always monitored market prices and set their flat prices accordingly, saying, "When you have the opportunity to buy cheaper flats, why not sell them cheaper?” He also said, "The price per square foot of the phase two development is only about HK$11,000, and 60 per cent of the units are below HK$4 million,” reiterating the project’s affordability. 

All one-bedroom households average over HK$4 million

The first price list for Grand Jete’s phase two development was announced yesterday for a total of 88 units, including 51 one-bedroom units, 32 two-bedroom units and five three-bedroom units, with an area of 266 square feet to 722 square feet. All units are located on the fifth block, including high-rise, southeast-facing units, are 266 square feet, with a maximum discount of 15 per cent for one- and two-bedroom units and 17 per cent for three-bedroom units, at a discounted price of HK$3.069 million to HK$9.239 million, and HK$11,042 to HK$13,972 per square foot. All one-bedroom households, accounting for nearly 60 per cent of the units on the first price list, have discounted prices lower than HK$4 million.

Moni Yeung, assistant chief manager of sales at CK Asset, said that the demonstration units of this project would be open to VIP visits today, and the demonstration units will be open to the public and ticket collection will start tomorrow. More units will be launched in the short term, and there is a chance to promote a total of 400 units. Yeung added that the first batch of units in this phase were sold at a much lower price than the first batch of units in Phase 1, which was launched in June last year. She attributed this to a change in landscape and market conditions between the two phases. At present, 238 units have been sold in Grand Jete’s phase one development, generating HK$1.3 billion total.

Yeung added that under the new tax band, one-bedroom discounted units will be subject to only HK$7,000 in stamp duty, while three-bedroom households will be prioritised in car parking space selection. 

KOKO MARE to announce opening prices next week 

New properties in Tuen Mun are locked in a flat sale battle, while new properties in Hong Kong and Kowloon are also gearing up to attract customers. According to Ricky Wong Kwong-yiu, managing director of Wheelock Properties, the first price list for Wheelock’s KOKO MARE in Lam Tin will be announced next week at the earliest, with at least 90 units covering one- to two-bedroom units, mostly under 500 square feet. The family-friendly units are expected to be priced between HK$6 million and HK$9 million. 

According to reports, KOKO MARE has a total of 444 units, distributed in Blocks 8 and 9, with 60 per cent of seaview units facing Victoria Harbour and Yau Tong. Standard units include one- to two-bedroom units ranging from 310 to 529 square feet; special units range from 310 to 1,078 square feet.

After the Rain: 5.3 times over-registered

On the other hand, the first round of sales for Star Properties’ After the Rain in Yuen Long closed at 8pm last night. After auditing, a total of 908 votes were received, more than 5.3 times oversubscribed than the 143 units to be sold tomorrow. 

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