70-year-old first-time flat buyer joins Kwun Tong project spree

Top News | Gary Poon 24 Dec 2018

A Sino Land-led consortium yesterday sold nearly all 338 flats that it offered at its Grand Central project in Kwun Tong - including one acquired by a 70-year-old first-time buyer.

As of yesterday afternoon, the consortium - which includes Chinese Estates and the Urban Renewal Authority - sold a total of 1,201 flats during an 11-day period.

The total is deemed a record in Hong Kong in terms of number of flats sold during a similar period and in gross sales.

The consortium has so far grossed HK$14.7 billion.

The average price was HK$18,385 per square foot.

Buyers comprised Hongkongers and mainlanders, many of whom said they were hardly concerned about potential price falls in the coming months.

The 70-year woman, surnamed Chan, said she bought a flat for HK$10 million which she intends to rent out.

She described her acquisition as reasonably priced, adding the flat will probably yield an attractive rate of return.

She intends to take out a 50 percent mortgage plan. Chan added she is not concerned about a potential price downtrend.

A buyer from Anhui province, surnamed Wang, bought a three-bedroom flat for HK$16 million even if it entailed paying a special stamp duty of HK$2 million.

The flat represented her third property investment in Hong Kong.

She said she takes the view that recent price falls are unlikely to continue and prices will eventually recover.

A couple, surnamed Lee, who bought an 800-sq-ft flat at Grand Central last week, acquired a second flat yesterday, a two-bedroom unit for investment.

Tony Hung Wing-shing, an artist at Television Broadcast Ltd, bought a two-bedroom flat for HK$10.57 million.

Sino Land associate director Victor Tin Sio-un said at least five buyers bought two flats in one go.

One buyer bought six flats during three rounds of sale and about 80 percent of buyers acquired flats for self use.

Centaline Mortgage Broker managing director Ivy Wong Mei-fung said the 70-year-old buyer is unlikely to get a mortgage loan and needs to find a qualified guarantor.

The construction of Grand Central, which will provide a total of 1,999 units, is expected to be completed late in April 2021.

gary.poon@singtaonewscorp.com

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