New property supply increased which added the pressure on interest rates and scared off the buyers
Hong Kong's Wen Wei Po (Reporter Leung Yuk Cum)Facing the property supply is keep on increasing and the upward pressure on interest rates,the developer is seeking to sell the properties,so they have offered a low property prices,the cowardly people causing there are rescission cases appeared.Trinity Towers by Cheung Kong which have launched out the sale on 29th of last month have first recorded rescission cases,as for Mount One in Fanling by SHKP have announced the price list of 50 units yesterday,re-applied 'free of taxes' disguised discounts trick,buyers with company name tax rebates and other discounts of up to 22.75%,the average price of HKD $7,886 per real sq.feet,which recorded 24% lower than the prices of the new property GREEN CODE in the same district with the price of HKD $10,500 per sq ft,also recorded 20% lower than the second-hand property prices in the area.
The Government keep on launching the lands for sale,reversing the property market supply and demand, so there was a significant greater ecological changes in the property market this year,the pricing of the new properties are more restrained and even with lower than the second-hand property prices and have appeared the formation of 'rotation minus' circulation between first-hand and second-hand property market.And some of the owners have changed their own financial or the views on the property market outlook,under worries,they have also given up the optional units,so it have recorded a number of rescission cases on the first-hand new property market this year.
The buyers of Trinity Towers have rescission which with a loss of the deposit of HKD $320,000
The rescission case of the new property was recorded on Trinity Towers in Cheung Sha Wanby CKH which have launched out the sale on March 29,according to the first-hand residential property sales page shows that the rescission unit was located in Flat C,32/F,Tower 2,Trinity Towers,with an discounted price of HKD $6.452 million,temporary deposit of 5% of the property prices,the buyers have rescission which with a loss of the deposit of HKD $320,000.Retrieve the information display,the new properties which have put up for sale this year,such as DIVA in North Point,The Summa in the West of Mid-Level and Riva in Yuen Long had also recorded a number of rescission cases,also there are a number of new properties which launched out the sale last year,such as The Reach,The Rise,THE AUSTIN,etc. have also appeared a number of rescission cases (see Table)and some of the units have re-launched the sale.
CKH senior sales manager Ho Ka Yan said that,the last 93 units of Trinity Towers have announced the sales arrangements yesterday,will be stopped receiving votes as of 7:00 pm this Friday and will start Balloting at 11:00am this Saturday for arranging the priority for choosing flat and to be on sale,of which 5 of the units are located in the top floor with roof,priced at HKD $9.155 million to HKD $1.0856 ten million that included tax rebate and discounts for installment payment with up to 11.75% discounts,this batch of units which located in the top floor with roof,with a discounted admission fee of HKD $8.0793 million,the total value of this batch of units were HKD $6.55 billion.The news pointed out that,as of 8:00pm last night has received about 1,500 votes in total,which have recorded 15 times over- registrations.
Mount One have discounted over 22% of the property prices
In addition,Mount One by SHKP have reapplying 'free of taxes' disguised to discount the prices,yesterday have announced the price list of the first batch 50 units,the real sq.ft price of HKD $8,814 to HKD $12,897,with an average real sq.ft price of HKD $10,209,as for a 3-bedrooms unit with 718 feet,with an admission fee of HKD $632.81 million,the buyers who bought the unit with company name can be received a tax rebates and other discounts up to 22.75%,for an average price of HKD $7,886 per sq.feet,a 3 bedrooms units with a discounted admission fee of HKD $4.8884 million yuan,which have recorded 24% lower than the new property Green Code in the same district with HKD $10,500 per sq.ft,also it was 20% much lower than the second-hand property prices in the same area,this property have opened the demonstration units and started receiving votes yesterday afternoon,the market passed the news of as of 7:00 last night,it have received about 70 votes.
Deputy Managing Director of SHKP Lui Ting described the prices of the first batch units of Mount One was definitely attractive,with practical interval,high-quality materials,superior appearance,also have recorded 10% much lower than the transaction prices of the first-hand new property in the same area,the current market was driven by the home-buyer,like the two new properties Century Gateway and Riva of it's group,90% of the buyers are for home-use and it is believe this property sale will also attract the buyers who are living in the same district and willing to change their property and is expected that the trading volume of first-hand property will be increased this year.
The property prices of the units with large area which located in the North district of Hong Kong were expected to fall 5%
Centaline mansion Fanling REGENTVILLE branch manager Wong Ka Wai said after Mount One have announced the first price list,the second-hand property owners who are living in the same district have softened the attitude of bargaining spaces immediately,the bargain magnitude of 1-2% to about 5%.Chief Executive Officer of Midland Realty Residential Pu Siu Ming said Mount One mostly sale the units with large area,also the developers offer the prices which close to the second-hand property prices in the same,the average usable area by the major property ranging from HKD $ 7,200 to HKD$8,500,so this property sale was very competitive,is bound to freeze the purchasing power of the second-hand properties in the North district of Hong Kong,in particular,will bear the brunt of the second-hand property units with large area,the owners will have the opportunity to expand the bargaining spaces in order to attract the buyers,it is expected the property prices of the 3-bedroom units with large scale will have the opportunity to have more than 5% adjustment in the short term of time.
As for the other new properties,Chatham Gate in Hung Hom have sold 4 units,Riva in Yuen Long sold 3 units,The Rise in Tsuen Wan and The Avenue have sold one unit respectively.
