Hong Kong buyers snap up all Novo Land flats on offer in pre-emptive move ahead of city’s first prime rate increase in four years
Buyers on Saturday snatched up all the 336 units on offer at Sun Hung Kai’s Novo Land development in Tuen Mun
Demand
was fuelled by steep discounts offered by the developer and speculation
over a potential increase in the city’s prime rate
Hong Kong’s second weekend of property sales
in July enjoyed robust demand, as buyers took advantage of steep
discounts to snap up all flats on offer, in a pre-emptive move ahead of
the city’s potential first prime rate increase in four years.
Sun Hung Kai Properties, the city’s biggest developer by market cap, sold all the 336 units on offer at phase 1A of its Novo Land development in Tuen Mun as of 6pm on Saturday, according to local property agents.
“This
new project in Tuen Mun offers a pretty decent discount, compared with
second-hand homes nearby, and prices are the lowest over the past one to
two years,” an agent said. “That’s why buyers are flocking to it.”
The average sale price at the Novo Land project was HK$13,188 (US$1,680) per square foot, about 12 per cent cheaper than the average price of CK Asset Holdings’ new flats at its Grand Jeté project, which were put on sale last month in the same district. The size of Novo Land
flats range from 271 square feet (25.2 square metres) to 561 square
feet, which translates to a starting price of HK$3.29 million.
Brisk sales at Novo Land
were also spurred by speculation that the city’s major commercial
banks, including HSBC and BOC Hong Kong, will soon increase their prime
rate, a reference to the mortgage rate, for the first time since
September 2018. The US Federal Reserve raised its benchmark interest
rate by 75 basis points for a second straight time on Wednesday to curb
runaway inflation.
The Hong Kong Monetary Authority (HKMA) on Thursday raised its base lending rate, the borrowing cost charged to commercial lenders, in lockstep with the Fed’s overnight rate increase.
Lenders
like HSBC, however, have so far refrained from raising their prime
rate, risking a decrease in profit margins and loss of depositors who
seek high-yield assets. The prime rate at HSBC currently stands at 5 per
cent, while its subsidiary Hang Seng Bank has its borrowing cost pegged
at 5.25 per cent – the same rate offered by BOC Hong Kong, Standard Chartered Bank and most local lenders.
Half
of the 12 economists surveyed by Bloomberg expected the prime rate to
rise by 25 basis points or less by the end of this year, while four of
them predicted a 50-basis point increase. Two of the surveyed economists
forecast an increase of between 75 and 100 basis points.
Previously, the city’s banks waited through nine consecutive increments of 25-basis point increases by the HKMA before they raised their prime rate in September 2018,
ending a decade of cheap capital. HSBC increased its base lending rate
for borrowers by 12.5 basis points to 5.125 per cent, while the savings
rate on local currency deposits was raised by 12.4 basis points to 0.125
per cent.
The sentiment in the local property market stabilised last month after the city’s fifth wave of Covid-19 infections
was put under control. Total transactions on newly built homes reached
about 1,300 in June, which was a 10-month high, according to a property
agency.
Still,
property agents predicted that housing demand may shrink going forward
because of new supply and rising interest rates. The city’s economic
growth forecast this year is expected to be cut, according to Financial
Secretary Paul Chan Mo-po, amid weak consumption attributed to the
lingering Covid-19 threat and the closed border with southern China.
(South China Morning Post)
華懋奪東涌配電站項目 主打1及2房戶
曾於去年流標的港鐵 (00066) 東涌配電站項目，近期調整招標條款後重推，並吸引5間發展商參與競投。項目最終由華懋成功奪得。集團表示，項目交通頗便利，暫計劃發展1及2房戶型為主。
港鐵公司昨宣布，東涌牽引配電站物業發展項目合約由Loychance Limited成功投得。該公司為參明有限公司 (華懋集團成員) 的全資附屬公司，而參明有限公司曾多次參與港鐵物業發展項目。港鐵期待與上述公司合作。
蔡宏興：項目交通便利
華懋集團執行董事兼行政總裁蔡宏興表示，項目靠近港鐵站、港珠澳大橋及香港國際機場，又位於一個發達且成熟的社區，擁有所有必要的基礎設施。另外，東涌受益於機場城市經濟和大灣區一體化，估計項目將受用家及投資者歡迎，日後計劃發展1房、2房戶型為主。
有測量師認為，招標結果合理，相信中標者的規模可以承受是次項目地價，預計日後總投資額約80億至90億元。
參考EPRC經濟地產庫資料，鄰近的私人屋苑映灣園及昇薈近半年平均呎價分別約11,989元及13,352元。
地皮的住宅樓面面積上限約94萬平方呎，截標前市場估值介乎32.9億至55.4億元，每呎樓面地價約3,500至5,900元，而流標前後所接獲的標書數目一樣維持5份。
華懋3月奪同區商業地
此外，資料顯示，華懋本年第二度投得東涌地皮，除了上述項目外，集團於今年3月以27.78億元投得東涌第57區商業地，每平方呎樓面地價約2,202元，並將會發展為商場、辦公室及數據中心。而該商業地同樣位處東涌東一帶，可見集團對東涌區的發展前景十分看好。
(經濟日報)
有代理行表示，灣仔東惠商業大廈14樓03室，面積約1685方呎，以意向呎價約1.8萬元放售，涉及金額約3033萬元，物業將以現狀及交吉形式出售。
據知，單位位於大廈單邊，採多窗設計，享有海景景觀，整體開揚光亮，對用家吸引力大增及提升品牌形象，同時設有來去水設施，相信能為物業增值。
該行指出，單位可選擇的租客類別多元化，除傳統寫字樓行業外，亦可選擇服務性或零售行業進駐。
(信報)
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