Home-owners flock to buy Riviera Lodge flats

PUBLISHED : Friday, 02 September, 1994, 12:00am
UPDATED : Friday, 02 September, 1994, 12:00am

NERVOUSNESS about the state of the territory's real estate market has failed to dampen the enthusiasm of some prospective home-owners over Riviera Lodge, a new residential development in Tai Po, which is jointly owned by China Overseas Property and Gold-Face (Holdings).

The development has received a better-than-expected initial response, with 69 applications for 36 flats after a three-day registration programme.

Property agents said the interest in Riviera Lodge had a positive effect on market sentiment but added that the development could not be taken as a barometer of the Tai Po residential market because of its small scale.

Riviera Lodge is the first new project in Tai Po to test the market since a disappointing auction on August 23 - at which CITIC Pacific was the sole bidder for a lot in the district.

It comprises 174 units in three sizes of 520 square feet, 827 sq ft and 925 sq ft.

Asking prices average $4,700 per sq ft and range from $3,524 per sq ft to $5,677 per sq ft, depending on unit size and payment method.

The initial sale of 36 units will be officially launched on Sunday.

Eddie Yuen, an associate director at Centaline Agencies, said the project was two times oversubscribed, a response he described as encouraging in view of subdued market sentiment.

He attributed the positive response to the favourable financing methods.

To boost sales, the developer has arranged a number of preferential payment methods. They include a mortgage of up to 85 per cent and monthly interest-free instalments.

Lawrence Wong, a branch manager at Midland Realty, said, however, that the initial positive response could not be taken as an indicator of market sentiment.

''With only 174 units in the development, the size is too small to significantly boost the market,'' said Mr Wong.