Property market sees discounts and forfeits

Business | Kevin Xu 15 Nov 2019

Three homeowners sold their houses in Kwai Fong at lower prices over the past two weeks as they plan to emigrate from Hong Kong amid political chaos, according to Centaline Property Agency.

Among them, a 473-square-foot flat at Kwai Fong Terrace changed hands for HK$6.2 million, or HK$13,025 per sq ft, after HK$1 million was cut from the original asking price.

One home buyer forfeited deposits of about HK$1.2 million after pulling out of a deal for an 832-sq-ft flat at The HarbourSide atop Kowloon Station. The purchaser had agreed to buy the unit for HK$25 million, or HK$30,048 per sq ft, in October.

At least four property agent shops owned by Centaline Property Agency were vandalized by protesters.

In the primary market, Road King Infrastructure (1098) received 280 checks for 67 flats in the first price list at Crescent Green in Yuen Long - an oversubscription of 3.2 times. The project will hit the market on Friday.

The 67 units, which range in size between 916 sq ft to 970 sq ft, are offered at an average HK$10,973 per sq ft after discounts. They are priced between HK$9.07 million and HK$11.84 million, or between HK$9,900 and HK$12,232.

In other news, The Buildings Department approved 29 building plans in September - nine on Hong Kong Island, nine in Kowloon and eleven in the New Territories.

11 were for apartment and apartment/commercial developments, eight were for commercial developments, four were for factory and industrial developments, and six were for community services developments.

In the same month, consent was given for works to start on 14 building projects which will provide 328,886 square meters of gross floor area for domestic use involving 5 583 units, and 112,272 sq m of gross floor area for non-domestic use.

The department has received notification of commencement of superstructure works for seven building projects.

The department also issued 36 occupation permits, with 12 on Hong Kong Island, seven in Kowloon and 17 in the New Territories.

Of the buildings certified for occupation, the gross floor area for domestic use was 250 823 sq m involving 4,085 units, and 71,745 sq m was for non-domestic use.

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