During three days holiday for Buddha's Birthday, there were only 3 new projects on sale in the new real estate market and it was dull. However, the price of the units in these three new projects did not be cut for promotion because of bad market, but common preferential policies such as cash payment discount would supplied as usual. According to the data, Green Code in Fanling and The Avery in Kowloon City have been relaunched in succession since New Real Estate Sale Regulations (hereinafter referred to The Regulations) implemented from the end of last month. But the price did not have obviously sign of being decreased. The difference between the wholly price and second hand property price in same district neither largely changed. The Avery even pushed up the price because they relaunched the feature units. Although Sino who is the developer expressed the project was relaunched at original price, but it still showed developer preferred not to sell the house rather than selling them at low price under the slump market.
The stock units in The Avery will maintain at original price.
Although The Avery only sold one unit in this week, but the average usable area sq ft price of the last relaunched 21 units of the project was HKD 20,044 which increased more than 10% on book comparing with HKD 18,113, which was the average usable area sq ft price of the standard units had been sold before the New Regulations being implemented. Since there were 3 feature units among the last batch of the units, so the sq ft price was pushed up. Tian Zhao-yuan (see picture), the Associate Director of Sino’s sale department also expressed days before, this batch of units will be relaunched at original price and the 2% of the price for housing privilege will be kept. However, no matter staying at original price or mark up are all reflect that developers have no intention on price cut. High Place in Henderson and Emperor Group’s The Prince Place in same district are all in similar condition.
Pricing of Green Code was close to the price of second hand property price in same district
In addition, the other two new projects which are Hong Kong Ferry’s Green Code in Fanling and DUNBAR PLACE in Ho Man Tin were also put on sale in succession since New Regulations implemented. Among, Green Code in Fanling were available on first day after New Regulations implemented. It included 146 units with average usable area sq ft price of HKD 9,350. Comparing with HKD 9,342 which was the average usable area sq ft price of first 138 units before New Regulations implemented, the price level maintained. But there were a certain of differences on orientation, viewing and layout among the units, so it only can prove developer did not adjusted the price obviously on book. Property agent in the district pointed, the second hand property price of same kind in Fanling district recently was around HKD 7,000 and HKD 8,700. The change was less. The pricing of Green Code did not have large difference to second hand property price.
As for DUNBAR PLACE, it was the first new project which being launched after New Regulations implemented. It had accumulative sold 17 units. Developer firstly launched 30 units at average usable sq ft price of HKD 20,869. On surface, the sq ft price was about 20% lower than the price of Kadoorie Hill in Prince Edward Road West which was put on sale in last October. Some agent estimated in beginning of the year that, the intention construction period sq ft price of DUNBAR PLACE would be HKD 20,000. The firstly launched average usable area sq ft price currently is HKD 20,000. It showed Swire Properties did not offer aggressive price. But developer also stated clearly days before that they would not change the launching arrangement of the project.
