Article from (Reporter: Ngan lunlok, Wong SiWen; trainee reporter: Pang ChuoWa). Since new big housing estates do not have many flats left while the developer do not offer other flats for immediate sale, the property market has remained quiet during these 2 days. There are only 49 transactions in Hong Kong for these 2 days including the transactions in Century Gateway and Double Cove. Although there are not many transactions, housing estate developers expect QE3 stated in the U.S. will have a positive effect on the market, and are optimistic of the future market. This is why Century Gateway in Tuen Mun offers an extra 33 flats with average unit price of HKD 8,388 per square feet which the price has been raised by 3%.
Century Gateway in Tuen Mun has sold out more than 70 flats in the past 6 days. Deputy managing director of Sun Hung Kai Properties Ltd. Lui Ting is satisfied with the sale in phase 1, and agreed to offer an extra 33 flats to the market. According to the price list, the extra flats are distributed from 8th to 46th floors in Tower 1 and Tower 2. The building area of the flats is 923 square feet with a practical area of 717 square feet. Price is ranging from HKD 7.0088 million to HKD 8.1206 million with the average unit price HKD 8,388 per square feet. Lui Ting reveals that this batch of units has a price raised by 3%, and has room for the price to increase for the next batch, while the percentage increase and the number of units offered in the next batch will be considered after the units in the current batch have been sold out since next Tuesday.
Except from the extra 33 flats, Century Gateway has released 1 flat on the top floor which is flat A on 43th floor in tower 3. The flat has 1,620 square feet with a private roof and balcony equals to 837 square feet. The price is set at HKD 26.73 million with HKD 16,500 per square feet. About the source of buyers, the general manager assistant of Sun Hung Kei Properties Ltd. reveals that around 60% ARE FROM Tuen Mun and Yuen Long, while 20% are from Kowloon, 10% from Hong Kong island and the remaining 10% are businessmen across China.
Lui Ting: QE3 has positive effect on property price
For the just announced QE3, Lui Ting believes that this will have a positive effect on property price. Since the last 2 QE could lead to a rise in property price, this time will not be an exception. He also points out that the persistence of low interest rate environment combining with the high inflation and high cost of construction will attract cash flow to properties and so a positive effect on the property market. On the other hand, about the mortgage tightened by HKMA, Lui Ting believes that it focuses on the stabilization of property market and estimate a healthy growth of property market in the coming year.
Double Cove has sold 31 flats in 2 days
Another housing estate – Double Cove, developed by Henderson and New World Development has a transaction record of 31 flats in the past 2 days. According to some information there is a big buyer using HKD 35 million to buy 3 new flats. The Pierre in West mid-level is developed by Wing Tai Properties, and released the price of first batch of total 41 flats last Friday. Most of the flats have been reserved and transact today.
Double Cove has an average price of HKD 8,618 per square feet for the extra 100 flats in tower 1. Together with 11 flats selling in an average price of HKD 23,026 from The Pierre. These 3 new housing estates will “have a meeting” in next Tuesday. The customer sources for Double Cove and Century Gateway in particular are similar and so the competition will be fiercer. On the other hand, Providence Bay developed by Sino Land in Tai Po has released another flat with characteristics: B flat on 17th floor in tower 16 with an area of 2,010 square feet and a roof of 1,567 square feet. The price is set at HKD 29.966 million with an average HKD 15,000 per square feet. The flat is available for sale on Tuesday.
