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Watchdog warns against impulse home purchases

Business | Samantha Wong May 19, 2017
The Sales of First-hand Residential Properties Authority reminds prospective purchasers to study sales information before buying a new home.

Information of various mortgage loan plans set out in price lists, registers of transactions, and consumption tables displayed in sales offices should be studied particularly in order to make an informed choice, the government watchdog advised.

"Flat buying is not a light issue. When purchasing a first-hand residential property, prospective purchasers should assess affordability and be cool- headed," a spokesman said. "Never be affected by the tense and hectic atmosphere in a sales office, and believe in rumors about the sales conditions of a development. Do not enter into a preliminary agreement for sale and purchase on impulse."

Meanwhile, K & K Properties launched the first price list at its Kai Tak project - Victoria Skye, pricing units at HK$18,321 to HK$26,888 per saleable square foot.

The Kai Tak East project provides 25 one-bedroom flats, 118 two- bedrooms, and 22 three-bedrooms in the first batch of 165 units. Prices range from HK$6.694 million to HK$22.882 million, with the developer offering discounts of up to 18.5 percent.

Regal REIT (1881) chairman Lo Yuk-sui yesterday said the company will announce a hotel acquisition plan shortly, which would see the firm owning its ninth operating hotel.

Lo added that since Regal Hotels holds a HK$1.1 billion reserve fund, the firm aims to add investment and expects to achieve stable and strong return rate.

Occupancy rate and price level of Regal Hotels are in line with industry standards in the first quarter.



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