Close to 80 per cent of 231 units offered by Poly Property Group have been snapped up at the Vibe Centro residential project in Kai Tak, bringing the developer total sales proceeds of HK$2.3 billion (US$295million), with 57 of 108 units offered on Sunday sold by 8pm.
It is the latest sales results reported by a developer, on a project at the site of Hong Kong’s former airport in east Kowloon that saw record land sale prices in recent months, amid strong demand for housing property that pushed Hong Kong’s home price index to records for 11 successive months.
The average selling price of the 108 studio-to-four bedroom units, the second batch of the development’s total of 930 flats, was HK$25,646 per square foot, making them some of the most expensive in the district on a per square foot basis.
“The Sunday Vibe Centro sales result was within my expectation, since the prices were in line with market prices, whereas Cullinan West units were offered at a discount to market prices,” Midland Realty’s residential department chief executive Sammy Po told the Post.
A new strategy by Poly for Sunday’s sale to give priority to those willing to buy at least three units did not create a buying frenzy, he noted.
On Saturday Sun Hung Kai Properties sold almost all of the 246 units of its Cullinan West apartments.
As many as 219 units, or 89 per cent of the units on offer, were sold by 8pm, sales agents said, with some buyers seizing multiple apartments, undeterred by rising interest rates or the government’s stamp duty on second-time owners.
“Within one hour, over HK$1 billion in sales was recorded,” said Centaline Property Agency’s Asia-Pacific chief executive Louis Chan Wing-kit, who said that two Centaline customers each bought three units, while another bought two.
About half of the Cullinan West apartments – atop the Nam Cheong MTR station in Kowloon – offered on Saturday were one-bedroom units, suggesting a new trend that is catching the fancy of residential buyers: HK$10 million single-bedroom apartments measuring 400-plus square feet.
Some 22 per cent of the 108 Vibe units were one-bedroom apartments.
The trend is apparent even in the New Territories close to the border with Shenzhen, traditionally an area of lower prices.
New World Development, which pioneered the HK$10 million one-bedroom apartment with its Pavilla Bay project in Tsuen Wan, set a price record on Saturday when it sold a 56th floor unit to a mainland Chinese buyer for HK$9.6 million, or HK$22,815 per square foot, agents said.
Across Victoria Harbour at 28 Aberdeen St in Sai Ying Pun, up to 95 per cent of an entire 23-storey condominium is made up of one-bedroom units of about 410 square feet, with prices averaging between HK$34,000 and HK$40,676 per square foot after discounts. That means the priciest unit on the 20th floor costs up to HK$16.55 million.
“Singles who are new to Hong Kong prefer locations near Central. They are also interested in stylish design apartments with bars and restaurants nearby,” said Qi-Homes agent Jane Buckthought, who helps expatriates relocate to the city. Many of her clients are professionals from finance, internet start-ups and fashion who prefer locations like Sai Ying Pun, close to Central, she said.
The first 10 apartments at 28 Aberdeen St offered for sale sold out on Friday , agents said, although the priciest unit on the 20th floor was yet to find a buyer.
The new preference among affluent home buyers is a stark contrast to many college graduates and first-time buyers who are being forced by skyrocketing prices into shoebox units measuring as little as 160 square feet that still cost HK$3 million each.
Hong Kong’s February home price index advanced for 11 months in a row, underscoring the city’s position as the world’s most expensive city to live in.
It’s becoming such a problem that 70 per cent of the respondents of the South China Morning Post’s February telephone survey identified housing prices as the burning issue for Hong Kong’s next chief executive to solve.
It is a concern that has been acknowledged by chief executive-elect Carrie Lam Cheng Yue-ngor, who admitted that efforts to suppress Hong Kong property prices have failed and pledged to tackle the issue with a “starter home” scheme once she assumes office.
On the other hand, some deep-pocketed buyers had been snapping up apartments in droves. Three developers that put a combined 1,000 units on sale last month reported a bumper weekend, with a family of buyers spending more than HK$200 million buying 11 apartments between them.
The frenzy was enough to draw government officials in to urge caution. Financial Secretary Paul Chan Mo-po took to a Sunday radio talk show and his blog post to remind apartment hunters of “changing circumstances”, while Hong Kong Monetary Authority chief executive Norman Chan Tak-lam pointed buyers to the nine interest rate increases that have been telegraphed until 2019.
Source: http://sc.mp/zArXdq via @SCMP_News
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Qi-Homes has teamed with Jennie Ma, licensed associate Real Estate Broker with “Corcoran group real estate” in New York City. Jennie, originally from Hong Kong has over 15 years real estate experience in New York and brings you a wealth of knowledge on how to invest in Manhattan real estate market.
LEARN MORE about closing cost for New York City Condos
A comprehensive BUYERS GUIDE to for overseas investors buying in New York
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An Overview New York City Properties
“The City That Never Sleeps” is a nickname that originated in New York City from Frank Sinatra’s famous song in 1977. This name is appropriate for a lot of reasons, mostly because New York is one of the most dynamic cities, always a world-renowned destination, always bustling with activity.
New York City has a population of approximately 8.6 million (estimated in 2013), Manhattan island with about 1.6m. Buying a property in Manhattan can be quite complex, especially for foreigners. For example, two apartments can be very similar in size, layout and amenities, but the buying processes can be in stark contrast to each other depending on if the property is a co-op or a condominium.
From one neighborhood to the next can make for a very different experience as well – from the Upper East Side, Upper West Side, Midtown East, Midtown West, and Downtown (Chelsea, Gramercy Park, Village, SoHo, Tribeca, Battery Park City, and Financial District).
Purchasing a new development also has its variation in price per square foot and closing costs.
Allow us to present a realistic map of what makes New York City the spectacular place it is so well-known to be.
- Manhattan is home to the world’s trading hub, The New York Stock Exchange on Wall Street.
- Manhattan is the fashion capital of the United States where world famous people in the industry pass through frequently for business and entertaining.
- Some of the nation’s best schools are located in New York City or just a short drive away including Columbia University, FIT, Fordham University, NYU, Parsons, Princeton and Cornell. The presence of these top-notch education facilities helps to explain why Manhattan is a popular choice when selecting a location to have
- Art & culture abound with countless museums and original stage shows year round
- To add to its dynamism, Manhattan has some of the most interesting and eclectic restaurant options in the world. There is truly no need to cook at home, catering to the conveniences of a busy-life of a New Yorker.
- 70% of current residential options in Manhattan consist of rental buildings, of the remaining 30%, 75% are Coops and 25% are Condominiums (estimated in late 2000). Hence condominiums tend to be a bit pricier than co-ops, in addition to some further distinctions, outlined below.
- A phenomenon that’s limited almost entirely to Manhattan; they are the traditional form of owning an upscale apartment for close to 100 years.
- Coops are owned by an apartment corporation, when purchasing within a co-op building, you are purchasing shares of the corporation that entitle you as a shareholder, to a “proprietary lease”.
- All prospective purchasers must interview with the board of directors who are shareholders in the building to which a board approval will be communicated to the purchaser if the co-op accepts their application or not.
- Prior to the interview, prospective purchasers prepare a detailed “Board Package” which usually contains personal and professional letters of recommendation as well as a great deal of personal information concerning income and assets.
- Subleasing a co-op can be difficult. Each co-op has its own rules and they should be carefully reviewed prior to submitting an application to rent.
- A “Board Package” is required to be submitted by a prospective sublet tenant and an ”interview” in front of a board of directors will also be required to determine if they qualify for the application.
- As opposed to a co-op, a condominium apartment is “real” property. A buyer receives a deed just as though he or she were buying a house. Each individual apartment in a condominium receives its own tax bill.
- The straightforward nature of buying a condo coupled with the fact that in some cases, you can get a higher financing of the purchase price and rent it out at will, makes condominiums the number one choice for flexibility.
- “Resale” – buyers will prepare a “Board Package” which usually contains personal and professional letters of recommendation as well as personal information concerning income and assets as a protocol so a building buyers enter into will be informed of the new owner’s basic information. No interview is required.
- “New Development” – buyers to not have a go through a Board Package process, as long as proof of funds are ready to be provided upon request while making an appointment. Buyers will need to pay two different New York transfer taxes (please see closing costs estimate sheet), whereas buying a resale property, the seller pays these transfer taxes.
- A Condop is a term given to a co-op that has rules and by-laws similar to that of a condominium which comprise of a small percentage of owned residential buildings. In most buildings, the freedom to sublet, put a lower down payment at closing, and easy board approval are characteristics of a condo that have been adopted by a co-op.
- Closing costs will be similar to that of a co-op (significantly lower than condo’s if financing) and you will be buying shares in a corporation rather than real property.
Over the last two years, Manhattan condominium property prices have increased 20% and today, Manhattan’s average and median price per square foot is still competitive to Hong Kong and London. Buildings offering views of Central Park tend to have the highest price per square foot. Downtown Tribeca in 2014 hit its highest price per square foot in the history of downtown with an ultra luxury new development. With limited land to build, Manhattan has been experiencing many more upcoming new conversion developments that are mostly pre-war office buildings.
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One of the largest cultural events in Asia with more than 80 programmes presented over a span of two months, Le French May will explore new rules, new stories and new worlds through paintings, sculptures, design, music, dance, theatres, cinema and gastronomy under the theme of ‘Dreams and Wonders’.
Programme highlights include: exhibition of masterpieces by Claude Monet at Monet – The Spirit of Place, music concert Mozart in Love, classic stories of Cinderella and Beauty and the Beast reinvented through ballet and contemporary circus Extrêmités. Le French May invites everyone to take off and see the world through eyes of the artists who enhance our reality through their creations.
14 MAY 2016
Get into the spirit of the Dragon Boat Season at the 250m pre-races 8am – 5:00pm, Stanley Main Beach www.dragonboat.org.hk or call 2813 0564 / 28132586