Starter homes are 13 times oversubscribed

eResidence Tower 3, the starter homes project for Hong Kong residents under the Urban Renewal Authority, had received 3,659 applications as of yesterday evening.

Located in Hung Hom, the project was 13 times oversubscribed with an offer of 260 homes. The URA had cut the price recently to HK$15,000 per square foot amid sluggish market sentiment, 22 percent cheaper than the market price.

Meanwhile, Centaline Property Agency said it was convinced that adding terms tied to the policy address to the sales agreements will not breach the laws or involve tax evasion, after consulting its lawyers. The agency stressed the clauses were to meet the needs of both purchasers and vendors, who are advised to seek independent legal advice before signing the agreements.

In the primary market, Star Group (1560) said it will put 63 units at After The Rain in Yuen Long up for sale tomorrow.

In other news, rents for luxury apartments in Kowloon rose by 4 percent quarter-on-quarter in the September quarter, while those in Hong Kong Island and the New Territories rose 0.9 percent, Savills said.