Sino Land to sell first 84 flats at Lake Silver

PUBLISHED : Wednesday, 27 May, 2009, 12:00am
UPDATED : Wednesday, 27 May, 2009, 12:00am

Sino Land will sell 84 residential units at its Lake Silver development in Wu Kai Sha at lower than expected prices.

The developer said yesterday it would sell 76 two to three-room units, at an average price of HK$4,842 per square foot, and eight four-room units at a price ranging from HK$9.92 million to HK$13.05 million.

Property agents expected the sale to be held today.

The prices are comparable to those at which units in nearby projects built a decade ago are selling in the secondary market. Buyers who opt to make cash payments will be given a 4 per cent discount.

The cheapest flat on offer will be a 718 sq ft unit that is expected to go for about HK$3.15 million.

Property agents said they expected to see a positive response.

'We had expected an average price of HK$6,000 per square foot. The lower than expected price tag will draw interest from both investors and end users,' said Janny Leung Mei-oi, an assistant sales director for Ma On Shan district at Midland Realty.

The launch comes as Hong Kong's gross domestic product contracted 7.8 per cent in the first quarter while the bank savings rate was cut to a fraction above zero.

The completed project will provide 2,169 flats. It is located above the Wu Kai Sha MTR station and is scheduled for completion in November.

To attract investors, Sino Land will allow buyers up to a year to complete their purchases. Buyers who choose this option must pay a deposit equivalent to 15 per cent of the property value within the first two months and will be charged 3 per cent more than the list price.

Given the prices and payment method, agents expected the property to attract the interest of home seekers and short-term investors. Second-hand units at Baycrest and Villa Oceania in Ma On Shan were being sold at HK$4,700 per square foot, they said.

Sino Land executives said more than 30,000 people visited Lake Silver's show flats during the weekend.


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