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21/8 News Roundup: Parc City's launch with relatively low price draws buying force from the second-hand market

Hong Kong Property | August 21, 2017

Spacious’ View:
Launching of new projects with relatively low price is drawing buying force from the second-hand market.

Parc City to start sale this Friday

Chinachem has launched yesterday another 128 units with an average price of HK$15,187 per square foot, and said it would start sales of 521 units at Parc City on Friday after more than 13,000 prospective buyers registered interest over the weekend, with registration to continue until Wednesday. “We did not expect the response would be so strong,” Ng Shung-mo, director of sales at Chinachem, said on Sunday. The units to be launched Friday will have an average price of HK$15,271 per square feet.

Ocean Supreme sold 74 units over weekend

Cheung Kong Property sold about 74 units at Ocean Supreme, adjacent to Tsuen Wan West Station on the West Rail line. The units cost an average of HK$18,097 per square foot after factoring in discounts of up to 22 per cent. The developer offered 160 units during the weekend and has sold 1,700 units at the project in the past three months.

Second-hand home sale cooled down

Launching of new projects with relatively low price is drawing buying force from the second-hand market. Only 11 transactions were recorded in hundred major housing estates, down from 13 transactions last week. Louis Chan Wing-kit, Centaline Property Agency’s Asia-Pacific chief executive, said the sales showed there was still strong buying interest in the property market, particularly for new projects as they can offer lower mortgage rates than second-hand flats. “Many people couldn’t afford to pay the high initial down payment for a second-hand property so they stick to new flat sales which enjoy a better mortgage ratio,” he said.

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