Hong Kong buyers spurn 12% discount at Kai Tak’s Miami Quay I, spelling woe for home market
Agents sold a single flat at Miami Quay I in Kai Tak, out of the 50 units left over from its September 2022 launch
Hong
Kong’s property buyers spurned a 12 per cent discount on offer at a
waterfront housing project in one of the city’s choicest locations,
signalling more woes ahead for the real estate slump.
Agents sold a single flat at Miami Quay I
in Kai Tak, out of the 50 units left over from its September 2022
launch. The flats were priced between HK$5.8 million (US$742,215) and
HK$18.9 million, after an average discount of 12 per cent.
“It
was a bit disappointing,” an agent said which runs one of Hong Kong’s
largest networks of property sales agents. “The flats are leftover units
and expectations were not high given the current weak market
sentiment.”
The
woeful result underscores how Hong Kong’s developers have to make deep
cuts to their catalogue prices to clear their growing inventory of
unsold homes, as investors and owner-dwellers alike have retreated to
the sidelines amid stubbornly high interest rates and a supply glut.
Hong
Kong’s had more than 20,000 unsold homes in February when the
government scrapped a range of taxes and curbs to stimulate demand.
Since then, the US Federal Reserve had pushed back its schedule for
cutting interest rates, resulting in Hong Kong’s high funding costs
because of the city’s currency peg, analysts said.
Recent
launches had to cut prices by as much as 10 per cent, compared with
similar projects in 2015, according to another property agency.
Miami Quay I
is a venture between several of Hong Kong’s biggest developers:
Wheelock Properties, Henderson Land, New World Development and the
Empire Group. Sited on the former runway of the Kai Tak airport, the
location offers unhindered waterfront views of the West Kowloon district
and the famous LionRock in Kowloon.
Developers
had to offer steep discounts elsewhere in Kai Tak to bolster sales. New
World and Far East Consortium this week cut the lowest price of the
first 60 flats at The Pavilia Forest
I project to an eight-year low, or HK$16,008 per square foot, with
discounts of up to 18 per cent from the prices of new launches in the
same neighbourhood, according to the agency.
Some local developers are using cash rebates as stealth discounts to draw buyers.
The
Sales of First-hand Residential Properties Authority (SRPA) said it had
noticed that some developers were offering very high commissions to
property agents to boost the sales of new homes, while agents were
passing on such rebates to their clients.
Cash
rebates – a form of under-the-table discounting through private
negotiation – to attract buyers – can reach as much as 50 per cent of
the value of a new property.
(South China Morning Post)
長沙灣重建項目擴大 財團1.1億增購10伙
長沙灣順寧道舊樓重建項目擴大地盤，早前獲財團斥約1.1億元收購比鄰順寧道316及318號合共10伙，每伙劃一收購價約1,100萬元，重建地盤面積將增至近1.5萬平方呎。
位於順寧道316至332號的一排舊樓，屬於公務員合作社，近幾年獲財團陸續收購，早前已經成功收購順寧道320至328號，以及比鄰的順寧道330至332號翠華閣，並展開重建。
據資料顯示，同一財團早前再斥約1.1億元收購比鄰的順寧道316及318號，涉及10個單位，相當於該舊樓全部業權，而每伙收購價劃一為約1,105萬元，若果以有關單位實用面積959至1,130平方呎不等，即每呎收購呎價約1萬至1.2萬元。
預計可提供約200伙中小戶
新買家為CHUNG SHUN PROPERTY DEVELOPMENT LTD，董事包括家祥企業管理有限公司、張秉佑等，早已經收購比鄰的舊樓，據指涉及周大福企業或相關人士。
該順寧道316及318號舊樓樓齡約65年，佔地約3,000平方呎，若果以地積比率9倍作為商住發展，可建樓面約2.7萬平方呎，以現時收購價約1.1億元計算，每呎樓面地價約4,000多元。而隨着今次成功併購順寧道316及318號，預計整個項目重建範圍將擴大至順寧道316至332號，地盤面積擴大至近1.5萬平方呎，可建樓面約13.5萬平方呎，預計可提供約200至300伙中小型單位。
((經濟日報)
