Flexible mortgage scheme rolled out for Sha Tin homes

Cici Cao

CK Asset (1113) has rolled out a new mortgage scheme for homes at El Futuro in Sha Tin that exempts buyers from income and stress tests.

The scheme offers greater flexibility in payments and allows buyers to secure a mortgage of up to 90 percent of the property's purchase price.

For the first two years, buyers only need to repay 0.3 percent of the transaction price each month to the lender, according to the developer.

No additional principal or interest payments are required during the two years and buyers are not required to provide proof of income or undergo a stress test.

This in effect provides a bridging loan to homeowners who want larger home but are struggling to raise enough money for down payments.

Launched in 2020, El Futuro has sold 219 out of its 266 flats for a total of HK$3.3 billion.

In Cheung Sha Wan, the second phase of Belgravia Place, developed by Henderson Land Development (0012), plans to launch its first round of sales before the end of this month.

In North Point, New World Development's (0017) State Pavilia redevelopment project has received over 7,900 cheques for 88 units in the second round of sales, making them nearly 90 times oversubscribed.

In Yuen Long, Asia Standard International's (0129) High Park II unveiled the fifth price list, offering all the remaining 45 flats, with average discounted price of HK$11,398 per square foot, 7.8 percent higher than the previous list.

Elsewhere in Yuen Long, Kerry Properties' (0683) Hava received over 7,000 cheques for 190 flats, making them nearly 37 times oversubscribed.