SHKP prices first Grand Yoho batch

Sun Hung Kai Properties (0016) put out the first price list of its project in Yuen Long - Grand Yoho - yesterday, comprising 226 units worth HK$1.9 billion.

Koey Yip

Thursday, August 18, 2016

Sun Hung Kai Properties (0016) put out the first price list of its project in Yuen Long - Grand Yoho - yesterday, comprising 226 units worth HK$1.9 billion.

The first batch is 75 percent two- bedroom units and 25 percent one- bedroom units.

The developer offers the highest discount of 18.25 percent. The lowest discounted price is HK$5.29 million for a two-bedroom unit of 514 square feet while the highest discounted price is HK$11.09 million for a 774 sq ft unit. Discounted price per salable square foot ranges from HK$9,931 to HK$14,443.

SHKP also provides five payment methods for home buyers. It first launches its YOHO FlexiPay Payment Loan for 58 designated units, mainly luring existing tenants with leases of one to two years. The buyers can pay just 8 percent down payment in this plan. In addition, the developer offers a 30 months interest-free loan, allowing the buyers to get rental rebate each quarter while repaying the loans.

Buyers only need to pay 1.5 percent of the total price each quarter, after setting off the 1 percent rental rebate. But the buyers have to provide documentary proof of their financial assets.

SHKP deputy managing director Victor Lui Ting said each home project will debut at a more attractive price so this project will have larger room for hiking the price. It plans to open the show flats tomorrow and open for sale next week. Lui also said the first-hand home market is driven by the users and he believes the property market will develop healthily. Another developer, Henderson Properties (0012), lifted the price of its home project Axis in Hung Hom by 3 percent.

It removed its special discount of 3 percent last Tuesday, which means the developer has raised the price by 6 percent in a week.

Another luxury home project The Grampian in Kowloon Tong will open for tender next month. The project is to be sold by Hanison Construction Holdings (0896). The project will provide 14 units in total, comprising 12 standardized units of 2,077 ssf and two featured units of 2,134 ssf. Management fees will be about HK$12,254 per month.

As the property market is warming up again, the developer does not plan to provide tax discounts for its potential buyers. Chinachem Group also said its home project The Papillons in Tseung Kwan O was approved for pre-sale on Monday. It will announce the sales arrangement today.

The project will provide a total of 857 units from studio units to four- bedroom units. It is expected to be completed at the end of November in 2018.