Parc Oasis units to cost $7,000 per sq ft

WHEELOCK Properties will release the first batch of 100 units in phase six of its Parc Oasis in Yau Yat Chuen for about $7,000 per square foot in the middle of the month.

Wheelock Properties managing director Ray Tse said the price reflected market conditions.

'Although we have yet to make a final decision on the price, I believe that this initial figure reflects market conditions in recent months,' Mr Tse said.

He said four to five banks would provide mortgages for buyers of flats in the new phase.

He ruled out co-financing for the site, meaning buyers would have to pay a normal deposit of 30 per cent.

The units measure 651 sq ft to 1,033 sq ft.

Property agents said the price set was reasonable, because an above-market price would damage the fragile recovery in the housing sector.

Midland Realty senior sales manager Law Kwok-on said: 'The price between $6,900 to $7,000 is an acceptable price for a development of this kind.

'I don't think they will increase the price by then (the middle of this month) because it is already the average market price, and anything higher would make it lose it attractiveness to buyers.' Mr Lo said the price could have been even lower if the land sales on Thursday had not been successful.

'I think the price could have been been as low as $6,600 to $6,800 if the land sales on Thursday were not so good,' he said.

'So, there's no point in further increasing the price.' Wheelock Properties yesterday disclosed initial plans to release its 275 car parking lots.

Mr Tse said the parking spaces would be for sale but onlyapartment buyers would have the right to use them.

'We have to be quite careful as we don't have enough parking spaces,' he said.

The prices and number of car-parking lots to be offered have not been confirmed.