Whampoa Garden blossoms as owners offer discounts

PUBLISHED : Wednesday, 08 October, 1997, 12:00am
UPDATED : Wednesday, 08 October, 1997, 12:00am

Transaction levels at Whampoa Garden in Hunghom are improving steadily from record lows in August as sellers drop asking prices.

Frances Yip Kwok-leung, sales supervisor of Midland Realty's Whampoa Garden branch, said viewers last month were up almost 30 per cent over August.

Mr Yip said initial asking prices had risen from $8,300 per square foot last month to about $8,700.

He said average transaction prices had dropped from $8,160 last month to about $7,970 last week, showing owners were willing to give discounts.

Prices at Whampoa Garden have risen between 50 and 70 per cent since last October, but are down about 10 per cent from the record levels in May and June.

Mr Yip said there were about 14 transactions last week, down from 22 in the first week of September.

There were 101 transactions last month.

Lisa Poon Lai-wah, manager of Ricacorp Properties' Whampoa Garden branch, said August was one of the slowest months yet, with only 50 or 60 transactions recorded.

Mr Yip said his branch sold a low-level, inland-view, 788 sq ft unit for $6.37 million last week, or about $8,093 per sq ft.

Ms Poon said high-level units with sea views could command higher prices.

Ricacorp had sold a 1,002 sq ft unit for $10.4 million, she said.

There was a record 800 to 900 units on the market, Mr Yip said.

Ms Poon said rentals were in the $28 to $38 per sq ft per month range, with the average being $30 per sq ft per month.

'The rental market is very active, with transactions split 50-50 between sales and rentals,' she said, adding that historically the ratio was about 3-1.

There are about 10,000 units in the Hutchison Whampoa-built development, spread almost evenly from the smallest 460 sq ft units to the large 1,100 sq ft units.

The development includes a large shopping plaza and multiplex cinema. Resident amenities include tennis courts, an ice rink and swimming pool.

Car parking spaces are selling for about $800,000.

Ms Poon said the parking space market had stalled as a large investor had put 500 spaces on the market in August at 5-7 per cent above the prevailing market price.

'Traditionally, we get at least eight to 10 parking space transactions per month, but we were only able to sell one in September.' Rentals for parking spaces are about $3,800 per month.