4,000 applications have been collected; The project will additional launch 124 houses by mark up of 1%.
(By Yan Lunle)
Wheelock Properties’ LOHAS Park MONTARA in Tseung Kwan O announced the first price list close to market level on last Friday, attracting many potential buyers and being the market focus in these days, and developer took the advantage to additional launch 124 houses with mark up of 1% yesterday, with the discounted average sq ft price at HKD 14,451, also they will additional launch again in the future possibly, while the sales will start as soon as this week. It is known, the project has collected 4,000 applications in the first two days, oversubscription of more than 15 times, becoming the most popular new project in this year. The developer even predicted that the total applications will exceed 10,000 cases, which will be the new high application number among residential projects of Wheelock series in history.
Leung Chi-kin, the Chairman of Wheelock Properties, stressed yesterday that the market reaction to the project is enthusiastically, so they will try to launch more houses to meet the market demand. "Sales will not stop until all houses are sold" It is known, the project will additional launch 124 houses today, and the actual mark up in the new price list is about 1% eliminating the factors such as landscape and floor. Developer pointed, they will additional launch more depending on the reaction, and the sales will start as soon as this week.
It is learned that the new batch also involves 124 houses, including 19 in one-bedroom, 53 in two-bedroom, 21 in two-bedroom and a half , 29 in three-bedroom and 2 are platform-feature flats. The usable areas range from 363 sq ft to 815 sq ft, and the discounted prices range from about HKD5.587 million to HKD11.403 million with the discounted sq ft price at about HKD13,099 to HKD16,963. Developer said that 124 houses in the new price list will cash in about HKD993 million if calculating by discounted prices.
70% of buyers are 25 to 45 years old.
The executive director of Wheelock Properties, Wong Kwan Yee expressed, the project had registered 4,000 applications in two days, over-subscribed in more than 15 times, which becomes the new high application number for the first two days among the projects of Wheelock, and it is the "most popular new project" this year. Wong Kwan Yee pointed, the project attracted many first housing buyers and 70% of the applicants are aged between 25 and 45. Dividing by districts, 60% are from Kowloon (including Kowloon East or Tseung Kwan O), 20% are from Hong Kong Island and 20% are from the New Territories.
Wong Kwan Yee estimated that the total applications for the project would be over 10,000 cases, which are more than the applications of 9,800 for the same series LOHAS Park MALIBU in last March, breaking the record of the largest number of applications in the company's history.
According to the reporter's observations at the scene yesterday, visitor crowd there with the lines started from the ground floor of the Gateway Plaza in Tsim Sha Tsui until the third floor. Developer expressed, 12,000 people visited the project on Saturday, and it is estimated that there were another 10,000 people yesterday, so the total number of visitors on two days is expected to exceed 25,000.
Timber House collected 600 applications, oversubscription of about 2.2 times.
As for Timber House in Ho Man Tin developed by New World and Henderson Land, it launched the first batch of 88 houses last week with a discounted average sq ft price of HKD24,308, which is the highest first batch sq ft price among new projects in Kowloon this year. Although the developer continue to emphasize that the project has many houses at prices of less than HKD6 million, hoping to attract the first housing customers, but market focus is obviously points to MONTARA, so the market reaction to this project is relatively inferior. It is known, the project began to collect application on last Friday, and temporarily had collected 600 cases at 3 pm yesterday, oversubscription of about 2.2 times base on 190 houses involved in the first two price lists.
70% applicants are users and 30% are investors, while 60% are from Kowloon. The developer yesterday took the advantage to additional launch No.2 price list including 102 houses with mark up of 2%, and the discounted average sq ft price is HKD24,787. Among them, 35 units are open style, 42 units are one-bedroom and 25 units are two-bedroom. The usable areas range from 204 sq ft to 526 sq ft, and the highest discount of 16% is maintained. More than half of houses are less than HKD6 million after discount, and the discounted prices are from HKD5.014 million to HKD14.341 million, with the discounted sq ft prices from HKD22,159 to HKD27,264. The developer expressed, the project is scheduled to be launched as soon as this weekend, and predicted there will be an opportunity to additional launch more in future, also the sales arrangement will be announced shortly.
The first-hand property sales was ideal in the past two days. More than 280 transactions were recorded on the two days. Among them, The Horizon II put on sale the first round of 295 houses on Saturday and finally about 219 were sold, which is the highest among new projects on weekend, accounting for 78% of the total first-hand property transactions on weekend.
