HKD 13,990 is the lowest sq ft price in LOHAS Park. The lowest price for one-bedroom house is HKD 5.29 million.
(By Liang Yueqin)
Developers speed up the pace of project launching with restrained pricing, under the pressure that more than 10 thousand houses will be put on sale in this quarter. LOHAS Park Phase 7A--MONTARA in Tseung Kwan O developed by Wheelock Properties and MTR in pre-sale period up to 30 months was approved for sale days before, which immediately uploaded the brochure and launched the first price list of 124 houses at discounted average sq ft price of HKD 13,990 yesterday, back to the level of a year ago and lower 10% than that of new projects in same district, also it even lower 2.5% than the price in the first price list of MALIBU from the same district of same series in last March, besides the discounted lowest price for one-bedroom house in 368 sq ft is HKD 5.295 million. The chairman of Wheelock Properties, Mr Leung Chi-kin, described the pricing in the first price list is "shocking", but stressed that it is not low, and they will additional launch more depends on the application, besides the sales will start next week as the soonest.
The managing director of Wheelock Real Estate, Huang Guangyao expressed, MONTARA’s first price list includes 124 houses, accounting for 20.1% of the total 616 ones, which are located in block 2 in layouts of one-bedroom to three-bedroom, 80% among are one-bedroom to two bedroom flats in usable areas of 368-775 sq ft, and the prices are HKD6.745-13.398 million, with the average sq ft price at HKD17,821, plus developer provides 5 payment methods, leading the discounted prices to HKD 5.295-10.518 million with the discounted average sq ft price at HKD13,990, base on the highest discount of 21.5% if choose 120 days immediately mortgage payment joining with other discounts. Among them, the lowest price of one-bedroom house in 368 sq ft is HKD5.295 million, two-bedroom house in 450 sq ft is HKD6.04 million , and three-bedroom house in 775 sq ft is HKD9.73 million.
Wong Kwong-yiu expressed, the discounted prices of more than 80% houses in the first price list (100 houses in total) are less than HKD8 million, which is expected to attract small families and first housing customers to enter the market, and this project will open sample flats to the public also start applications today. He pointed out that the total value of the first price list is HKD1.169 billion.
It is close to the market price, and it is estimated all will be sold out within one month.
Leung Chi-kin believed, MONTARA’s pricing is close to market level since it refers to prices in the whole district, and the pricing for additional launched houses will be similar in future, while the biggest feature of LOHAS Park phase 7A is locating on top of the shopping mall, so it is estimated the first batch will be quickly sold out, which estimated to be put on sale in two to three stages, besides the group advocates to sell out as soon as possible and use fast rotation selling strategy.
In fact, although it only takes 5 minutes to get to LOHAS Park Station from MONTARA, and it is above the shopping mall, but MONTARA may not have sea views compared with MALIBU and LP6, plus the pre-sale period lasts for 30 months, so the pricing is conservative. According to data from estate agents, the current second-hand property transaction sq ft prices in other phases of LOHAS Park are from HKD 11,900 to HKD 13,000, while it is difficult to make direct comparisons among the sq ft prices since most the existing second-hand properties are large houses.
The Asia Pacific vice chairman and president of the residential department of Centaline Property, Chen Yongjie expressed, the pricing in the first batch of MONTARA is 10% lower than the sq ft price of other new projects in the same district, showing developer’s sincerity, and most houses in the first batch are small size and at restrained prices, so it is still acceptable with mark up of 2% to 5%, besides all 616 flats estimated to be sold out in May, buyers of which predicted to be investors in 20-30% and users in 70% including young families and first housing customers.
He believed that MONTARA will be put on sale at the same time to Timber House in Ho Man Tin, bring competition since the discounted lowest prices are similar, but they are in different features, so it depends on who likes large housing estates or urban single buildings.
The chief executive officer of residential department of Midland, Bu Shaoming expressed, MONTARA is expected to attract investors, and the latest sq ft price of the first-hand real estate in the same district, such as LP6, is between HKD16,000 and HKD18,000, plus the sq ft rent is estimated to be HKD40-45 in the future, with the return rate in about 3%.
Timber House collected 130 applications on the first day.
As for Timber House in Waterloo Road, Ho Man Tin developed by New World and Henderson which will be launched at aggressive prices, it officially opened the sample flats in Discovery Park Shopping Mall, Tsuen Wan to public and started the application yesterday, source pointed, many citizens were attracted and 130 applications were collected on the first day as of 8 o'clock last night.
In addition, the business and marketing director of GARMIN, Yan Jingfeng expressed, one group of buyers spent more than HKD101 million to purchase room A and B on the whole 8th floor in CRISTALLO, Prince Edward Road, room A among is in usable area of 1,310 sq ft and at transaction price of HKD51.09 million, and room B is in usable area of 1,304 sq ft and at transaction price of HKD50.856 million. She continued, CRISTALLO additional launches one compound mansion room A on 11st and 12th floor by bidding, which will close next next Tuesday.
