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New World posts a third sell-out weekend in Tai Wai as buyers rush to park their money in flats amid era of low interest rates

New World Development said it sold all 337 flats at Phase II of The Pavilia Farm project in Tai Wai in the New Territories, for a haul of HK$3.4 billion (US$438 million) within nine hours

Across town at Kau To Shan, CK Asset Holdings saw a cooling in buyers’ enthusiasm, selling only 10 flats and four houses a day earlier at the upmarket El Futuro project, out of 42 flats and 12 houses offered

Hong Kong’s homebuyers packed a real estate developer’s showroom over the weekend to snap up hundreds of new flats, as assurances of low interest rates by monetary authorities drove them to seek sanctuary in fixed assets.

New World Development said it sold all 337 flats at Phase II of The Pavilia Farm project in Tai Wai in the New Territories, for a haul of HK$3.4 billion (US$438 million) within nine hours.

The weekend’s haul puts New World on track to generate HK$10 billion in receipts from The Pavilia Farm, after three successful rounds of sales since its launch four weeks ago, a record for the developer in a down-market year weighed down by a global coronavirus pandemic and the city’s worst recession in history.

“The Pavilia Farm is a mass market project that attracted a lot of registrations of intent,” agent said. “Many buyers were turned away” by the limited offers in each launch, the agent said.

New World raised today’s average price by 5 per cent to HK$19,800, compared with the first batch. With sizes from 264 square feet to 753 sq ft, flats started from HK$5.73 million for the smallest units. Still, that did not deter buyers, who snapped up a third of the offerings within the first two hours, with a customer forking out HK$29 million for two three-bedroom units, according to the developer’s sales and marketing director Akan Wong.

Across town at Kau To Shan, CK Asset Holdings saw a cooling in buyers’ enthusiasm, selling only 10 flats and four houses a day earlier at the upmarket El Futuro project, out of 42 flats and 12 houses offered. El Futuro, scheduled for completion in March 2023, was priced between HK$7.62 million and HK$27.64 million, or HK$15,599 to HK$22,537 per square foot during its first round of sales on October 27.

CK Asset’s luxury project will not sell as quickly as mass-market homes, the agent said, adding that New World’s Tai Wai flats will perform well because there are still many buyers who are able to afford the project’s price bracket.

New World’s strong performance reflects the need for a reliable store of value in an environment of low interest rates, especially when the price point is considered reasonable.

First-home buyers, with financial support from their families, or employees in high-paying jobs, can still afford the flats, especially after the relaxation of mortgage restrictions in October last year, a researcher said.

Still, the impact of rising unemployment rate is “not fully reflected” in Hong Kong’s housing market as those who are laid off, such as those in the service industry, are not the main buyers of the market, the researcher said.

Risk could be high for the housing market if more lay-offs take place in other segments of the economy, and if city residents begin to emigrate en masse, causing the sales of projects to slow and putting pressure on prices, the researcher said.

“Hong Kong’s unemployment rate is even higher than the UK” at 4.5 per cent, the researcher said.

Looking ahead, the primary sales market is expected to remain active with several new projects scheduled for launch in the fourth quarter, agent said. “Developers may provide more incentives and discounts to speed up sales before the year end.”

With more units available for sale and protracted negative market factors like the economic recession and mounting market uncertainty, the consultancy expects housing prices to drop by 3 to 5 per cent in the rest of 2020.

(South China Morning Post)

 

高銀金融中心延截意向

高銀金融旗下作為抵押貸款的九龍灣高銀金融國際中心,全幢以意向價120億放售,據項目接管人指出,遞交意向書截止日期延長7日。

賜譽及高銀金融國際中心接管人表示,由於最近數天有更多本地及外海買家對高銀金融國際中心表示興趣,很可能因10月29日法院的裁決給予了買家信心,接管人決定將意向書截止遞交日期延長7日至本月18日。

代理表示,該廈位於啟祥道17號,樓高28層,佔地約7.1萬方呎,總樓面約85.2萬方呎,現時出租率約76%,意向價逾120億,呎價約1.4萬。

至本月18日截收

資料顯示,高銀於2011年合組財團以約34億,投得項目用地,樓面呎價約4026元,於2016年竣工,作為自用及出租。

據悉。高銀金融早前由德銀牽頭的財團催促高銀償還貸款,涉及本金102億,並提出接管高銀金融國際中心等資產,高銀則就接管提出抗辯。高銀指,早前已為欠款出售啟德用地,並正尋求87億新融資,同時入稟高院就聲稱接管其資產的舉措展開抗辯。

(星島日報)

更多高銀金融中心出租樓盤資訊請參閱:高銀金融中心出租

更多九龍灣區甲級寫字樓出租樓盤資訊請參閱:九龍灣區甲級寫字樓出租

 

史上首次強拍流拍 業主寶聲:底價太高

寶聲集團持有逾8成業權的九龍城獅子石道舊樓,原定在昨日舉行公開強制拍賣,拍賣底價2.23億元,不過最終發展商未有出席參與競投,結果出現無人競投,屬於強拍條例生效以來首次流拍收回。

今次涉及的獅子石道73至75號舊樓,屬於1幢5層高商住舊樓,樓齡54年,寶聲目前已經收購全部住宅單位,只餘兩個地舖,在今年9月土地審裁處就批出強拍令,決定底價為2.23億元,並安排在昨日舉行公開拍賣。

九龍城舊樓底價2.23

不過據了解,拍賣會上未有任何人出席競投,甚至屬於大業主的寶聲集團亦未有出席,最終項目「流拍」收場,屬於有史以來首次。負責舉行拍賣會的代理確認,拍賣會無人承價。

記者向寶聲董事長陳燿璋查詢,他回覆指,原因是認為法庭批出的底價太高、不合理,認為實際應該是1.7億至1.8億元才比較合適;之前曾經入稟誓章要求法庭降低底價,但仍未獲接獲,因為會再上訴,故昨日放棄參與拍賣。

「香港經過去年的示威、今年疫情,經濟是開埠以來、六七暴動以來最差,法庭對於舖位的估值實在不合理,而且法庭亦嚴重低估發展商建築成本,導致判出的底價太高」。

負責舉行有關拍賣的代理就指,會視乎大業主、申請人想法,可以在強拍令限期前申請再次舉行拍賣會,但預期底價不會改變,若果要涉及更改價錢就需要向法庭申請延期。

不過,亦有曾參與強拍的律師指出,法例要求在強拍令批出後3個月內完成拍賣程序,但現時不是無舉行拍賣,而是無人承接,到底算不算已經完成拍賣程序?今次個案屬於歷來首次,到底會如何相當為市場關注。

(經濟日報)