THE first 120 flats at Royal Ascot are expected to be taken up in the upcoming sale due to the discounted pricing, which could lead the developers to raise the price for the next batch of flats, property agents say.
Scheduled to go on official sale on March 11, the Royal Ascot units, which overlook the Sha Tin racecourse, are being offered at an average of $4,500 per square foot on lump sum payment, or $5,100 on staggered payment.
Agents said the introductory price had been marked down in a bid to boost sales and added that the offer of $4,500 per square foot was a bargain.
The satisfactory sale of residential sites at last week's government auction, and the Hang Seng Bank's move to ease mortgage lending limits for luxury flats would also encourage home-seekers to return to the market, they said.
Ten banks including Hongkong Bank, Hang Seng Bank, Standard Chartered Bank and Bank of East Asia are committed to providing mortgages of up to 70 per cent for the sale.
The agents said the strong support of banks on mortgage provisions further confirmed banks' confidence in the project.