First launch of 100 units value HKD 600 million; 287 registrations got on the first day exceeding quota 1.9 times.
(By Wu Wanling)
Heya Crystal in Cheung Sha Wan, which is Hong Kong Real Estate Association's 'Hong Kong property for Hong Kong residents' project, yesterday, launched first batch price list, and there are 100 units including one room to three rooms units value about HKD 600 million. The usable areas are from 397 sq ft to 674 sq ft, with the sq ft prices between HKD 11,263 and HKD 15,365, and the discounted average usable area sq ft price is HKD 12,412. The second hand property price in Heya Green, which in same district also belong to Hong Kong Real Estate Association, is about HKD 14,208, while the average discounted sq ft price of Heya Crystal first batch is lower about 13% than it, according to Centaline data. The project received 287 registrations on the first day exceeding 1.9 times than the quota. Registration will close at 7 Thursday night, and draw lots will hold the next day, while sales will start on next Saturday.
Sale prices in the price list of Heya Crystal first batch of 100 units are from HKD 5.609 million to HKD 9.745 million. Hong Kong Real Estate Association provides three payment methods, construction period payment without any discount, cash payment within 90 days in 10% off, and secondary mortgage payment within 90 days in 8% off. The average sq ft price of this 100 units is HKD 13,790, and buyer enjoys 10% discount if pay by cash, which makes discounted average usable area sq ft price at HKD 12,412 and the discounted lowest price will be HKD 5.048 million. About 100 registrations received from morning until 3 pm, and the additional launch schedule will depend on first round sale, Hong Kong Real Estate Association (marketing) general manager Huang Jinsheng expressed yesterday. 287 registrations have been collected yesterday, source pointed.
Additional launch or not depends on sale situation.
This price list refers to the second hand property transactions in Heya Green and the reactions to sales of Heya Delight and Heya Star last year, which believed are reasonable market price, Huang Jinsheng expressed on Centaline Property Heya Crystal information center opening ceremony yesterday. Asked if they worry about competition among Heya Crystal and other projects in same district, he pointed each project has different customer source and unique selling point, so he believed the project sale will not be affected. Next round depends on market reaction in this time, and management will assess quantity also decide rise price or not, he expressed. Mark up standard is hard to make since each unit has different facility. They will speed the sale of same style project Heya Aqua if Heya Crystal sells good, and it estimated will be put on sale within this year.
Large purchasing power will be locked by estimate.
More than half of customers registered for Heya Crystal yesterday are customers focused to Heya Green and Heya Delight, others are buyers from Kowloon, Centaline Property Asian Pacific Region residential department president Chen Yongjie expressed. The price of Heya Crystal first batch is relatively attractive, because there is lack of property suit to first housing in down town and new supply in July is less, so the first batch sale will be ideal.
Heya Crystal first batch will attract large number of purchasing power because of cheap price and supply of three payment methods and secondary mortgage, the usable area sq ft price of which will lower than second hand property price in same district and go to about little more than HKD 10,000 if take discount, Midland Chen Ruixiang believed.
Heya Crystal is competitive and will attract many purchasers because its price lower than second hand property price and price of new projects in same district including Heya Green also from Hong Kong Real Estate Association, so the second hand property transaction will be affected, she expressed.
Recently, one high floor room C in about 456 sq ft was sold at about HKD 6.47 million, with usable area sq ft price at about HKD 14,189; Medium-high floor room A in Heya Green block 2 in usable area of about 510 sq ft was sold at about HKD 7.18 million, with usable area sq ft price at about HKD 14,078, according to Heya Green latest second hand property transaction data.
Convenient transport and complete facility make it attractive.
Heya Crystal has convenient transport and complete facility, so he want to buy two rooms unit for own use, Mr Li who with his daughter visited sample flat yesterday expressed. He believed current property price drops slightly, and the price of this project is lower than second hand property price, plus with second hand property needs to be maintained, so he consider buying house in Heya Crystal.
Although the discounted average sq ft price of Heya Crystal first batch is lower than second hand property price, but we found from data that, the sq ft price before discount is rising along with small size property price since Hong Kong Real Estate Association launched Cheung Sha Wan Heya series in 2012. The average sq ft price of Heya Delight first batch launched in last November was only HKD 12,863, while average sq ft price of Heya Crystal first batch is HKD 13,790, which rises by 7.2% in only eight months.
