Top Glory offers 44 Tai Hang flats
Top Glory International is launching the sale of its single-block residential development Carnation Court in Tai Hang, Causeway Bay, at an average price of $7,500 per square foot.
Marketing agent Jones Lang Wootton (JLW) said the 29-storey building contained 44 flats of 2,122 sq ft or 2,126 sq ft.
JLW associate director Claires Keung said 30 per cent of the units had been placed through internal sale and the remainder would be offered for public sale at the end of this month.
She said the three-bedroom and four-bedroom units provided sea views. There would be limited supplies of new flats in Tai Hang over the next few years, especially those of more than 2,000 sq ft.
She said the residential market had been active recently, with rising demand both from end-users and investors.
Ms Keung said the selling price of Carnation Court was lower than secondary market prices and compared to units at nearby Cavendish Heights which were transacted at more than $9,000 per sq ft.
JLW officials said top-level units at Carnation Court also sold for more than $9,000 per sq ft.
Some estate agents were cautious about the likely sales response for Carnation Court because they said the single-block project's prices were not attractive.
One said the prices were higher than expected considering older properties in Tai Hang were selling at $6,000-$7,000 per sq ft.
He said only higher-level units at Carnation Court had sea views and affiliated recreational and clubhouse facilities were limited.
He expected the sale to attract some end-users but said investors and speculators might not be interested because of limited prospects for short-term capital gains.
Ms Keung said Carnation Court provided sufficient car parking spaces between the first and fourth floors of the building for home buyers.
Its clubhouse facilities on the fifth to seventh floors included swimming pool, golf simulator, gym and sauna, she said.
The project was not controlled by the pre-sale consent scheme so the sale would be conducted on a first-come, first-served basis.
Buyers were required to pay an initial deposit of $800,000 and up to 20 per cent of a flat's value within 14 days, with the balance payable within 45 days, she said.
Banks would be able to provide mortgage loans of up to 70 per cent, she said.
FACT FILE Development: Carnation Court, 41-47 Tai Hang Road, Causeway Bay Developer: Top Glory International Number of flats on sale: 44 Size of flats: 2,122 sq ft and 2,126 sq ft Average price: $7,500 per sq ft Date of official sale: End of May Facilities: Clubhouse with swimming pool, golf simulator, gym and sauna.
Car parking Payment: Initial deposit $800,000; 20 per cent in 14 days and balance in 45 days
