Good reception for Hang Lung flats
HANG LUNG Development Co says flat buyers snapped up about 70 per cent of 144 luxury units at its mid-rise development Parc Versailles in Tai Po.
A company spokesman believed buyers were mainly end-users.
'They are very prudent in purchases and the smaller units are particularly in demand,' he said, adding that sales of the rest of the units would continue although the firm had not decided when to put the next batch on the market.
Hang Lung originally released 48 units at an average price of $3,606 per square foot, which could be bought on a staggered payment basis.
To meet buyer's demand, it announced earlier this week it would put 96 more units on the market.
Prices of the additional units were raised by about two per cent to $3,688 per sq ft.
Estate agents said yesterday's sales response was not surprising, considering the large lump-sum amount required for the units, that measure between 1,095 and 1,198 sq ft.
Agents said most buyers were not first-time buyers but those wishing to upgrade to larger flats. Consequently, they preferred to complete the deals through outright payments or staggered payments. Those choosing immediate payment got a five per cent discount.
Agents said since banks were aggressive in extending mortgage loans, home buyers were likely to use bank facilities rather than rely on the firm's instalment payment scheme.
Buyers are required to pay a 4.7 per cent premium for paying by instalment. The firm's instalment scheme allows buyers to pay for the property in 14 monthly instalments and defers the completion of purchase until the end of 1996.
Parc Versailles is jointly constructed with Lai Sun Development and comprises 37 six-storey residential blocks amounting to 822 flats.
Tomorrow, China Overseas Land and Investment will put on the market the remaining units of its low-rise house development Villa Camellia in Yuen Long.