(reporter Huang Jia-ming) After two weeks since government launched the new measures, property selling pressure appeared successively in second hand residential market. There agent pointed out that, some owners had return back and face reality from the previous situation of unbridled anti-price. There is certain extent for price negotiating in general. And transactions in price cut appear in market but most owners still can earn large profit from the reselling and no lack of large blue-chip houses in among. On case in Mei Foo Sun Cheun was a deal at price cut about HKD 1 million.
Unit bought at HKD 83,000 in 1973 appreciated 85 times after being hold 40 years
Deng Bai-yuan, the sales manager of Midland realty expressed, the current property market is dull. Even there are potential buyers go out for property visiting but they do not consider to buy if the price can not low down more than 10%. The agency help to sale room A, middle floor, No.6, Nassau Street, Mei Foo Sun Cheun at large range of price cut. The unit is in cover area 941 sq ft and 3 rooms layout seeing swimming pool view. Since the quality of this unit is good, the original owner asked for HKD 8.2 million but he made concessions after government launched the new measures and lowed down the price to HKD 7.75 million. The unit finally sold at HKD 7.2 million with average sq ft price about HKD 7,65 which lower 4% than market price. The buyer is a house changing customer in same district for own use.
It is said that the original owner largely cut HKD 1 million. But he bought the unit at about HKD 83,000 in 1973 as first owner and earned book profit about HKD 7,117,000 from this reselling. The unit appreciated more than 85 times and it was a lock profit deal.
As for HK island district, Tang Yun, the branch manager of Ricacorp Properties pointed out, they just sold room 02, high floor, building P, Kornhill Garden in Quarry Bay. The cover area of it is 588 sq ft and the layout is 2 rooms. The original owner asked for HKD 5.5 million. After the negotiation, the unit finally sold at HKD 5.3 million with price cut HKD 200,000 and the sq ft price is about HKD 9,014 which a little lower than market price. It is known that, the seller bought the above unit at HKD 2.15 million in May, 2001 and still earned book profit HKD 3.15 million even reselling it under market price. The unit markups 1.47 times in the period after convertion.
957 sq ft unit in Rambler Crest cut 9.5% of the price
There also private properties in New Territories sold at price cut. He Yong-fang, the regional business director of Midland Realty expressed, room E, middle floor, building 1 in Rambler Crest of Tsing Yi Island of which the cover area is 957 sq ft asked for HKD 5.8 million before by original owner. But the original owner hurry to sale out the unit days before after government launched the measures. Finally, the unit sold at HKD 5.25 million and the sq ft price is HKD 5,489 days before. The price was cut up to HKD 550,000 which in 9.5% range. It is known that, seller bought the unit at HKD 2.7 million in February, 2004 and earned HKD 2.55 million from this reselling after holding the unit more than 8 years. The unit appreciates more than 94%.
Price cut deals also appear in luxury real estate market. Rong Jing-yu, the operational manager of Hong Kong real estate expressed, they just help to sale one price cut unit from KIU WANG MANSION in Ho Man Tin. Rong Jing-yu pointed out, the unit is located in room B, middle floor, KIU WANG MANSION of which the cover area is 1,200 sq ft. The original asked price is HKD 10.5 million and the unit finally sold at HKD 9.8 million joined with packing place. The cut range is nearly 7% and the average sq ft price is about HKD 8,167. It is a joined packing place unit. The original owner bought this unit at about HKD 5.7 million in May, 1997 and earned large profit at about HKD 4.1 million from this reselling.
