(By Li Zhitian)
A number of new projects were completed in East Kowloon this year. Hong Kong Property took the advantage to expand, and its Kowloon Bay branch which is One East Coast specialty store was officially opened yesterday. The property price is expected to increase by 5% to 10% this year, and the One East Coast in Yau Tong will get into the second stage of sales after obtaining occupation permit in April, then it is estimated there will be mark up of 3-5%, Mr. Yang Congyong from Kowloon Development who attended the opening ceremony expressed.
One East Coast in Yau Tong has sold more than 160 units accounting for half of the available units, and HKD 850 million was took in, Yang Congyong also expressed. The project is expected to obtain occupation permit in April. The group will continue to focus on selling this project this year, and will aim at the Easter schedule to start the second stage of sales, with the price expected to increase by 3% to 5%.
Upper East planed to invite tenders for its remaining houses.
As for other stock units, Upper East in Hung Hom had finished the occupy schedule for more than 800 units in early, and still more than 20 units are remaining which will be launched in March at the soonest by tendering in target sq ft price of HKD 30,000, Yang Congyong pointed. There were individual owners selling houses with insufficient strengths and caused loss, but there were also owners earned more than 10%, Yang Cong-yong pointed when was asked about this project used to have second hand loss transaction in early. It is predicted the transaction price will rise after the purchasing power is stable since the project is in ideal location also the house quality is high.
63 Pokfulam of same series in Sai Ying Pun will be occupied at the end of the year, which had took in more than HKD 2 billion in early, and the remaining more than 80 units will be relaunched as ready flat in the end of the year, Yang Congyong added. Yang also mentioned that for this year's property market, the annual increase had been predicted to be 5% to 10%, and the same view is still maintained. Although the number of negative assets has risen, but the symbolism is not significant, so it still needs to be observed for a while.
Hong Kong Property Kowloon Bay Branch opens.
In addition, Hong Kong Property continued to expand its branches against the leading market and announced the opening of the Kowloon Bay Branch which also is the One East Coast special store. To thank the customers for their support, from now until June 30, all the owners of occupied units of projects under Kowloon Development, who also rent out the house successfully through this company in monthly rent under HKD 50,000 will receive a free 12 months property rental management service, the Chief Executive of Hong Kong Property, Li Zhicheng expressed.
Reach Summit has sold 46 units in this month.
On the other hand, Reach Summit in Yuen Long, Novum West in Sai Ying Pun, Novum East and Novum Point in Island East had sold a total of 59 units from February 1 to 20, taking in more than HKD 310 million, the Sales Department (1) General manager of Henderson, Lin Damin expressed.
Among them, the average transaction sq ft price of the 46 units of Reach Summit developed with New World was HKD 16,388, and the average transaction sq ft price of the 6 units of Novum West in Sai Ying Pun of the same series was HKD 32,413.
