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RESIDENTIAL PROPERTY | Staff Reporter, Hong Kong
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Cheung Kong Property's Yuccie Square launched at HK$11,950psf

ASP ranging from HK$9,932psf to HK$12,622psf.

In mid-November, home buyers turned their focus from current projects to the upcoming launch of Cheung Kong Property’s Yuccie Square in Yuen Long.

According to a research note from Barclays, Cheung Kong Property released the first price list of Yuccie Square in Yuen Long on 20 November. The ASP for 238 units ranged from HK$9,932psf to HK$12,622psf with a blended average of HK$11,950psf.

Comparing with the first price list’s ASP, Yuccie Square is 10% more expensive than Bloomsway (HK$10,880psf) but 1% lower than Capri (HK$12,081psf). It is 3% cheaper than neighbouring Yoho (HK$12,332psf) but 17% more expensive than Sun Yuen Long Centre (HK$10,240psf).

Cheung Kong Property will offer an 80% loan-to-value primary mortgage at a 3% fixed interest rate for the first three years and at the Prime rate afterwards (P being 5%). Cheung Kong Property subsequently launched 130 additional units at HK$12,756psf, representing 6.7% increase from the first price list.

Here's more from Barclays:

Apart from Cheung Kong Property, SHKP is also preparing for the launch of 1,027-unit Park Vista in the same district. The project is already completed and SHKP has also let the press visit the show flat already. SHKP is also preparing for the launch of King’s Hill, which is a 166-unit project in the Western District.

In addition, Henderson Land is also set to sell 68 units from the Zutten in Ma Tau Kok this coming Tuesday. In addition to launching new projects, developers also revised their payment terms to expedite inventory clearance. New World will offer an 80% LTV primary mortgage for four Yuen Long projects (Parkhill, Park Signature, Woodsville and Woodside).

Sino Land also introduced a secondary mortgage offer for The Avenue II in Wan Chai. For the current projects, the actual weekend sales at Wheelock’s Capri and Kerry’s Bloomsway only saw light take-up. Capri in Tseung Kwan O managed to sell 70 units out of 111 units on offer (63% take-up rate) while Bloomsway in Tuen Mun only sold 29 out of 110 units on offer (26% take-up).

This compared to a 98% and 67% initial take-up rate respectively. At Kowloon Development’s South Coast in Aberdeen, this weekend’s initial launch only saw home buyers take up 49 out of 150 units on offer (33% take up rate). In addition to these three project, the leftover sales of 26 units brought overall weekend primary sales to 174 units.

In the secondary market, activity remained subdued. At Centaline’s Top 10 estates, there were only three transactions recorded over the weekend, flat w/w. There was one transaction each at Mei Foo Sun Chuen, Whampoa Garden and Caribbean Coast. For the broader measure of a full week, there were 33 transactions among Midland’s 35 housing estates. This was up slightly by 3% w/w but only operated at 38% of 2014’s average weekly run rate of 87 transactions.
 

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