Yuen Long project launched

Business | Joyce Chen Nov 15, 2017
New World Development (0017) launched its Park Hillcrest project in Yuen Long at an average selling price of HK$15,490 per square foot.

The developer is offering a maximum price discount of 21 percent, after which the average price will fall to HK$12,236 per sq ft. The cheapest flat in the project is a one-room flat at Block 2, priced at HK$4.05 million after discount.

Meanwhile, another three units at premium housing project Kadooria at Kadoorie Avenue in Kowloon are on offer via tender by CITIC Pacific, a subsidiary of Chinese conglomerate CITIC Ltd (0267).

The three apartments have a saleable area from 2,219 sq ft to 2,400 sq ft.

The tender will start from 11am on Saturday and close at 5pm on the same day.

A CITIC Pacific official said the sale is via tender since Kadooria has attracted many inquiries from local tycoons recently.

The developer officially launched the project in Ho Man Tin last month, with five show flats on display.

The project provides 77 units, from 1,267-sq-ft, two-bedroom homes to 3,200-sq-ft, four-bedroom apartments. Last year, the group acquired a site in Ma On Shan for HK$1.47 billion, or about HK$6,500 per sq ft. Pre-sales of flats in the Ma On Shan projects are expected in 2019.

While the property market remains hot, more buyers appear unable to pay mortgage loans in major housing estates.

Century 21's website showed a foreclosure at Kingswood Villas in Tin Shui Wai, with a bank putting up for sale for HK$5.1 million a 556-sq-ft flat.

Foreclosure refers to lenders forcing the sale of an asset when a borrower fails to repay a loan used for buying or investing in the asset.

The apartment was bought in 2014 for HK$3.57 million using a mortgage provided by Standard Chartered.

As of yesterday, 13 foreclosures were recorded at Century 21's website this month, involving flats in City One in Sha Tin, Whampoa Garden and Laguna City in Kwun Tong.

In the secondary market, a 739-sq-ft apartment at Tseung Kwan O Plaza was sold yesterday for HK$1.15 million.

The three-bedroom flat was acquired in 2007 for HK$3.75 million.

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December 2018