Riviera Lodge on target for launch
CHINA Overseas Property and Gold-Face Holdings have decided to go ahead with the launch of their Riviera Lodge residential development in Tai Po this week, despite depressed market sentiment following last week's public land auction.
It will be the first new project in the district to test the market since the poor auction - in which CITIC Pacific was the sole bidder for the lot in Tai Po - and will be closely watched.
Henry Wong, a director of China Overseas Property, said: ''We are not worried about the market sentiment, which has been crippled by the recent land sale, because the selling price of our property is very attractive.'' The company has a 30 per cent stake in Riviera Lodge.
Asking prices will be at an average of $4,600 per sq ft, ranging from $3,524 per sq ft to $5,677 per sq ft, depending on the unit size and different preferential payment methods.
Mr Wong said the price was similar to the present level achieved in the second-hand market.
But the price was believed to be far below the anticipated price of more than $6,000 per sq ft in the proposed large-sized residential property on the Tai Po site bought by CITIC Pacific at last week's land auction, he said.
Riviera Lodge is comprised of 174 units, designed in three sizes, measuring 520 sq ft, 827 sq ft and 925 sq ft.
The first phase sale of 32 units will be officially launched for the public on September 4.
The registration programme began yesterday and ends on Friday.
Mr Wong said a beautiful view, well-designed recreational facilities and favourable payment methods are notable features that will attract home-buyers.
Located at Ting Kok Road in Tai Po, some of the units in Riviera Lodge, with sizes of 827 sq ft and 925 sq ft, provide a wide view of Tolo Harbour.
The project also includes an architecturally designed podium garden with a swimming pool, a children's play area and other recreational facilities.
Mr Wong said the developer had employed specially designed decorations on the property, using selected marble and granite on floor and walls in the entrance hall.
In a bid to boost sales, the developer has also provided a number of preferential payment methods.
Potential buyers will be offered a special discount of eight per cent if they select an immediate payment method, which requires the buyer to complete payment within 30 days.
The developer also provides the buyer with an option of mortgage lending up to 85 per cent, but interested buyers will have to pay a price slightly higher than that offered by the immediate payment method.
China Overseas and Gold-Face Holdings have also followed the market trend to offer an alternative payment by monthly interest-free instalments.
Under this alternative, buyers can first make a 15 per cent down-payment, with a further 15 per cent payable in instalments over 15 months.
Buyers who choose this method will have to pay a premium of 11.5 per cent more for the flat than the price offered by immediate payment alternative.
The ordinary payment option is also available, whereby buyers make a 10 per cent down-payment with a further 10 per cent payable over six to seven months.
The remaining 80 per cent of the amount should be paid 14 days before the occupant permit is issued.
In view of the limited new residential supply in Tai Po in the next few months, Mr Wong said the project would be welcomed by end-users.
However, property agents do not share the same sentiments.
They expressed a pessimistic view on Riviera Lodge due to number of negative factors in the project.
Riviera Lodge is located quite a long way from Tai Po railway station and the sea view is not so impressive, say some property agents.
Despite facing the waterfront of Tolo Harbour, there will be also another view of Tai Po Industrial Estate which is located near the property, they said.
FACT FILE DEVELOPMENT: Riviera Lodge, a 29-storey residential block with five-floor car park and a podium floor at Ting Kok Road, Tai Po district.
DEVELOPER: 30 per cent owned by China Overseas Property and 70 per cent by Gold-Face Holdings.
SITE AREA: 14,600 square feet.
FLATS FOR SALE: 36 flats at the even number of floors in the building.
NUMBER OF FLATS: 174 units in total.
SIZE: 520 sq ft includes two beds, one bath; 827 sq ft comes with three beds and two baths; 925 sq ft includes three beds and two baths.
PRICES: Average price about $4,600 per sq ft or ranging from $3,524 per sq ft to $5,677 per sq ft, depending on the unit size and different preferential payment methods.
FACILITIES: Swimming pool and landscaped podium.
COMPLETION: March 31, 1995. ARCHITECT: Wong and Tai Associates Architects CONTRACTOR: China Oveseas Foundation Engineering Ltd.