Project offers developer finance

Business | Samantha Wong 18 May 2017

Cheung Kong Property (1113) is offering two separate financing schemes to purchasers at its Ocean Pride project in Tsuen Wan, where the company rolled out its first 216 flats yesterday at an average price of HK$15,772 per saleable square foot.

The financing would be in the forms of a first mortgage or a second mortgage.The average per ssf price at Ocean Pride is said to be close to the current secondary market price in Tsuen Wan district. For example, Vision City, which was built 10 years ago, has average listed prices of HK$15,045 per ssq.

Meanwhile, Phoenix Property Investors has sold 64 flats at its latest project - 3 Julia Avenue - in Ho Man Tin, accounting for 96 percent of the total units.

Henderson Land (0012) said it sold 85 percent of units at its Sai Ying Poon project, Novum West, in the first batch of sales, with an average per ssf price of HK$28,170.

In the retail market, Swire Properties (1972) saw first-quarter sales fall 2.3 percent at Pacific Place, 7.7 percent in Cityplaza, and 0.7 percent in Citygate Outlets.

On the office front, Swire's Pacific Place, Taikoo Place, and One Island East boast 100 percent occupancy rate, with rents climbing 15, 10 and 1 percent, respectively.

According to a JLL research, rents in Central rose 0.9 per cent month-on- month in April and are expected to grow further after the Murray Road commercial plot sold for a record price.

Central's office rents grew to HK$115.70 per square foot in April, with the vacancy rate of prime Grade A office buildings in the business district currently standing at just 0.6 percent.

In a notable transaction, China Securities International leased 12,000 sq ft at Two Exchange Square.

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