Last of Blessings Garden flats put on sale

PUBLISHED : Saturday, 25 November, 1995, 12:00am
UPDATED : Saturday, 25 November, 1995, 12:00am

NEW World Development yesterday released the last 40 units in its Blessings Garden Phase Two, in Mid-Levels, at an average price of about $5,438 per square foot.

The price is nearly 10 per cent below Lai Sun Development's recent sale of its first-phase development in the same project.

Estate agents said it was not unexpected that the selling prices for New World's units were cheaper than those of Lai Sun.

Most of the units offered by New World are at the lower floors of the building, and offer a poorer view.

Taking that into account, there was no significant price difference between the two sales, agents said.

Some units in Phase Two were more expensive than apartments in the first phase, they said.

For example, New World released a 1,070 sq ft apartment on the 20th floor in its Phase Two tower at $6.5 million, or $6,075 per square foot. A 1,106 sq ft unit on the same floor in Lai Sun's tower was sold at $6.43 million, or $5,818 per square foot.

To boost buying interest, New World offers an 80 per cent home mortgage to buyers through its subsidiary New World Finance Co.

The loan is fixed at an annual interest rate of 1.75 per cent above the prime rate for a maximum repayment period of 15 years.

It also provides another payment alternative which includes a 20 per cent top-up mortgage.

No repayment is required for the first two years. The loan must be repaid in four instalments within five years.

Meanwhile, Henderson Land Development said a total of 193 people registered for 120 apartments of Flora Plaza in Fanling, which is a joint venture by Henderson Land and the Chinachem Group.

A spokesman for Henderson said the developers were considering releasing no more than 40 additional units on top of the initial 120 apartments for sale tomorrow.

The selling price for the 120 apartments was pitched at $3,048 per square foot.

Hang Lung Development has also decided to sell 63 extra units of its Parc Versailles in Tai Po at the same price, making a total of 123 units on sale today.