Hong Kong's Wen Wei Po (Reporter Chan Choi Sin,Leung Yuk Cum)Buyers have great demand on small units in urban area,'Hong Kong Property for Hong Kong People' residential project Heya Star in Cheung Sha Wan which developed by Hong Kong Housing Society have launched out a total of 175 units,fully sold out in five hours since the sale have opened yesterday morning,it is also the new residential project fully sold out after the implementation of the first-hand residential sales legislation,along with other new properties,the first-hand new residential projects have sold 202 units yesterday (see table).As for Park Ivy in Tai Kok Tsui also recorded the first rescission transaction after the implementation of first-hand new legislation,developers Sino Land and URA then sharply increases 12 percent of the price yesterday,will re-sale the rescission unit nexxt Wednesday.
Heya Star put up for sale at 8:45 yesterday morning,the site has seen a lot of prospective buyers arrive early to wait in line, according to the earlier order of the draw to select units.Heya Starfully sold 175 units, the smallest unit with the usable floor area of 459 square feet of a tenant, admission fee of HKD $5.38 million.The average price per square foot of about HKD $12,000, compared with another real estate HS previously announced Heya Delight 3% more expensive, but still greatly sought after market, nearly 15 times oversubscribed. This residential project have attracted a lot of buyers who come from Heya Delight, of which Man Fook Jewellery Kwok Siu Ming who holds a lot of property and land have spent HKD $8.7 million to buy a 3-bedrooms unit for his son,the city passed the news of Kung Yan-sum's wife has also appeared in the sales site and plans to buy a 3 bedrooms unit.
175 units with the average price per square foot of HKD $12,000
HS spokesman said the project put up for sale 8:45 in the morning , according to the draw order to subscribe for the applicant in flat until 14:10,sale program of a total of 175 units have been completed.Demonstration unit will be closed today.
Centaline Asia Pacific president of residential department Chan Wing Kit said yesterday the buyer attendance rate from Centaline of 80%, the majority for self-occupation,of which 60% are buyers who come from Kowloon,the more preferred the two-bedroom units located in middle floor.The units of Heya Star was similar with Heya Delight, so there is a lot of buyers are disappointment of Heya Delight,accounted for the total number of about 60%, about 40% of new customers.
Looking to next year the property market trend, he said, the Fed will be the first rate hike in the second quarter of next year, Hong Kong is still low interest rate environment, still stimulate the market in the short term, it is expected the property market still have 10% increase next year,the price of the mansion have the opportunity to chase behind . In addition, the government speed up the supply of public housing, including the implementation of the new HOS and second-hand property of white form HOS hese policies are beneficial to home ownership,to form a rigid demand for small and medium sized property.
Midland Realty said Heya Star was led by the buyers from Heya Delight
Midland Realty Chief Executive Officer of Residential Department Pu Siu Ming, said more than 70 percent of the buyers are the buyers from Heya Delight,the other 30% are new customers.The price of heya Star was attractive and the buyers reacted enthusiastically, yesterday's Midland Realty buyers have recorded eighty percent attendance rate,of which home-use buyers accounts for eighty percent,mainly come from Kowloon,accounting for 60%. He added that optimistic about the property market next year , especially small and medium residential property prices are expected to increase about 2-5% in the first half of next year.
Park Ivy recession unit will resale with the price increase
In addition,Park Ivy in Tai Kok Tsui which developed by Sino Land in cooperation with the URA have recorded the first recession case since the implementation of first-hand new legislation.According to first-hand residential property sales net transaction volumes revealed that the unit located in Flat B,15/F,with the area of 256 square feet, on July 14 in order to transacted with the price of HKD$3.9059 millio,July 18 and was signed the formal agreement, but on the 10th of this month has been terminated contracts traded.The buyers using the method of construction shall be in October of this year to complete the transaction before the occupation. According to the provisions of the contract, the buyer must pay a total of three times before the repossession of property prices by 15%, in other words, this unit is set to kill HKD $585,000 Sino Land and URA.When this unit rescission,Sino Land yesterday announced this recession unit will resale with 12% price increase, priced from HKD $4.316 million to HKD $4.841 million,with the average price of HKD $18,910 per sq.ft,the buyer can enter the vote for registration on Wednesday morning,if more than one person entered the vote for registration,by drawing lots to arrange priority of choosing unit.
