（By Liang Yueqin）
Large first hand project including more than one thousand units regardless of tax return or even at price lower than second hand property price to sell out the stock. After Nan Fung putting on sale The Visionary in Tung Chung at price lower 30% than market level at the most , The Avenue in Wan Chai developed by Sino, Hopewell and URA yesterday announced to give 7.5% of tax as gift and other privileges up to 17.5% of discount in total to put on sale the first 220 units at cash payment average sq ft price of HKD 18,771, lower 20% than second hand property price in same district, and the discounted lowest price for 338 sq ft open style unit is HKD 6.103 million. Developer immediately entrusted five sale agencies to collect the applications, with more than one hundred received according to market source.
Tian Zhaoyuan, the Associate Director of Sino Sale Department, expressed the first batch being put on sale at price lower 20% than second hand property price in same district because there are different buyers in Wan Chai, so they supply more privileges to attract more housing demanders, and the first batch of this project will be put on sale next week at the soonest, with total value at about HKD 2 billion.According to regulation of URA, the first batch units only limited to private name buyer in 2 applications for 2 units at the most, and if or not there will be mark up on additional launching is still pending.
First batch units are only sold to private name buyers.
He pointed, the first 220 units are located in building 2 and 3, with 62 units in open style, 124 units in one room layout, and 34 units in 2 rooms layout, the usable areas of which are from 338 sq ft to 532 sq ft, and the sale prices are from HKD 7.398 million to HKD 17.906 million. Developer supply payment in 180 days (8% discount), 7.5% stamp duty as gift and 2% discount for buyer signing potential contract on or before December 31st this year, at discount 17.5% in total, and the discounted cash payment price are from HKD 6.103 million to HKD 14.7725 million. He said, the second hand property price for units of J Residence in same district is about HKD 23,500, and about HKD 29,000 for unit of Star Crest, so the sq ft price of first batch of The Avenue is lower nearly 20% than second hand property price. There were visitors from local, mainland and foreign countries in the site.
No 3 villa in No 28 Barker Road is HKD 530 million.
As for other new projects, Hutchison Whampoa decided to additional launch No 3 villa at midnight before yesterday and would put on sale it by first arrive first served on Sunday 10 am, after selling the No 8 villa at HKD 740 million days before. According to the price list, the usable area of No 3 villa is 5,706 sq ft, at price of HKD 538 million, with usable area sq ft price at HKD 94,287. Sun Hung Kai the night before yesterday additional launched 23 units of Imperial Kennedy in Sai Wan and would put on sale them at 3:00 pm of Sunday.
