Sun Hung Kai sale sticks to 70pc guide
By KENNETH KO
SUN Hung Kai Properties will release for sale 300 residential units at its new development Sun Yuen Long Centre next week, with mortgage lending at only 70 per cent of the value of the flats.
The company is sticking to the Government-set mortgage ceiling and not following the path taken by Hongkong Bank and Henderson Land Development, which provided 90 per cent mortgage financing for flat buyers at Park View Garden.
So far, Henderson Land has registered more than 900 buyers for the 216 flats on offer.
Analysts said Sun Hung Kai appeared to be relatively careful in mortgage financing arrangements following criticism by the Government of the Hongkong Bank-Henderson action.
However, one analyst said the unit price of Sun Yuen Long Centre was comparatively lower due to its remote location, in Yuen Long.
He said the units were more affordable, effectively reducing the need to provide additional mortgage financing.
Sun Hung Kai will start registering potential buyers for the 300 units on Monday.
The units, measuring from 576 to 783 square feet, will be offered at an average selling price of $2,362 sq ft.
Aside from the public sale, 132 units are being retained for internal sale.
Sun Yuen Long Centre is a property jointly developed by Sun Hung Kai and the Kowloon-Canton Railway Corp, and comprises 1,072 units.