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Larger price cut. Unit in Kiu Kwan Mansion reduced HKD 1 million on price.

Squarefoot Editor  2013-04-09  #Property Hit News
The trading in property market still frozen affecting by the strict measures and Avian flu. Some owners reduced much more on price in order to sale the house out. Cases with price cut of more than 10% appeared in Kiu Kwan Mansion of North Point, Oceania Heights of Tuen Mun and Fairview Park in Yuen Long.   Peng Zhi-wei from Century 21 Beishan property expressed, room 3, high floor, building A, Kiu Kwan Mansion of North Point was put on sale at HKD 7.3 million. The owner cut HKD 1.02 million to HKD 6.28 million and sold it with a price cut range of 14%. The cover area sq ft price and usable area sq ft price are separately HKD 7,850 and HKD 11,214 which are the highest in same type of units. The unit’s cover area is 800 sq ft and its usable area is 560 sq ft. The layout is 3 rooms. The original owner bought this unit at HKD 2.58 million in April 2009. The book profit is 1.43 times of the former purchase price until now.   Wu Jia-lu from Many Wells Property also expressed, they just helped to sold a unit in Oceania Heights in Tuen Mun. The original owner bought this two rooms unit at HKD 1.9 million in July 2008 and enlarged the negotiation space. The accumulative price cut in one and a half months was up to 16%. The unit sold at HKD 3.51 million at last. The sq ft price was HKD 7,681 if calculated by usable area and was HKD 5,689 if calculated by cover area. The price was slightly lower than market price. In addition, Centaline Property pointed, owner of even number unit in 4 street, F area, Fairview Park , Yuen Long asked for HKD 7.6 million before government launched the measure. This owner decided to sale the house at HKD 6.8 million seeing the market is dull. Price of this house accumulative been cut by HKD 800,000 with range of 10.5%. Unit of Siu Lun Court in Tuen Mun fell HKD 140,000 on price in 3 hours. As for Siu Lun Court in Tuen Mun, it had trading which fell HKD 140,000 on price in 3 hours. Lin Ying-jie from Many Wells property expressed, room 5, low floor, building G, Siu Lun Court in Tuen Mun sold at HKD 2.46 million (free market price). The usable area of it is 401 sq ft and the cover area is 515 sq ft. The usable area sq ft price was HKD 6,135 and the cover area sq ft price was HKD 4,777. The average sq ft price of units in Park Island this month fell 13%. Medium-large housing projects which always kept strong on price also cut price for selling. Wen Ming-feng who from Centaline Property expressed, Park Island in Ma Wan only sold 3 units after government launched the strict measure. The dealing sq ft price was reduced because many owners enlarged the negotiation space. The cover area sq ft price in this month was HKD 6,010 which decreased 13% than last month’s. Yao Run-qi who from Midland expressed, a three rooms unit in Park Island cut price of HKD 500,000 with range of 7.6% and sold at HKD 6 million. It is located in room A, middle floor, building 22, phase 3. The cover area of it is 915 sq ft and the usable area is 709 sq ft. Hong Quan-qing from Centaline Property expressed, room H, middle floor, building 2, Tung Chung Crescent, Tung Chung sold at HKD 5 million. The cover area of it is 748 sq ft and the usable area of it is 544 sq ft. The original owner asked for HKD 5.3 million at first and accumulative cut HKD 300,000 before dealing. The cover area sq ft price was HKD 6,684 and the usable area sq ft price was HKD 9,191. Mr. Hong pointed, there were only two cases of trading this month until now in Tung chung district by the record. Unit in Kornhill cut HKD 300,000 and sold. In HK island district, Centaline Property expressed that Kornhill in Quarry Bay only has 5 cases of trading in April until now by record. All of thees tradings were sold by price cut. Currently, owners would like to supply negotiation space at about 5%-8%. The latest trading happened in room 2, high floor, building E. The original owner had put on sale the house for 1 month. It was cut to HKD 6 million on price and sold. HKD 300,000 had been accumulative cut with range of 4.7%.
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