Cheung Kong tries to repeat sales rush

CHEUNG Kong (Holdings) is releasing more flats at its Kingswood Villas for sale, taking advantage of favourable sentiment following last weekend's immediate sell-out of about 1,000 units at the Tin Shui Wai project.

The developer will sell 128 units at Block 14 of Kenswood Court, the phase seven development of Kingswood Villas.

The average selling price is $2,164 per square foot on staggered payment, which is 2.5 per cent up compared with the average of $2,115 per sq ft for last weekend's offering.

A Cheung Kong spokesman said the price was increased because the flats at Block 14 commanded better views than the units sold in the previous batch.

On lump sum payment, the selling price for the latest batch is $2,034 per sq ft, while buyers using a co-finance payment scheme have to pay a premium of about five per cent.

The units at Block 14, scheduled for occupation in December, will not be available on a first-come, first-serve basis, but will be offered under a pre-sale consent scheme.


Cheung Kong will register potential buyers from tomorrow until Friday. This will be followed by a computer ballot to decide the buying sequence.

The units will go on formal sale on Sunday.

Louis Ng, manager for Tuen Mun district for Centaline Property Agency, said last weekend's sale of about 1,000 Kingswood Villas units had established favourable market sentiment in the Tin Shui development.

He said it had encouraged more home-seekers to return to the market, as prices in Kingswood Villas had virtually bottomed out, as reflected by the strong sales. He said sale of the new units at Kenswood Court had put pressure on the secondary market. Prices of completed units in Kingswood Villas' first three phases were about $2,200 per sq ft to $2,300 per sq ft.


'Flat-owners in the secondary market have to cut asking prices substantially, say to $1,900 or $2,000 per sq ft, in order to compete with the developer for buyers,' he said.

The instant sell-out of about 1,000 residential units at the project took many people by surprise.


While low pricing was the main attraction, the developers' successful promotion and marketing campaign, which drew hundreds of people to queue overnight, played an important part in igniting buying desire.

Curiosity had pushed many people to take a look at the show flats in Kingswood Villas. In the beginning, many viewers were still undecided whether it was time to buy, despite a cut of more than 30 per cent in prices.

However, when the first batch of 192 units were sold out instantly, more home-seekers jumped on the bandwagon.


The Kingswood Villas units, priced at about $2,100 per sq ft, are among the cheapest new flats available in Hong Kong.

DEVELOPMENT: Kenswood Court, phase seven of Kingswood Villas. DEVELOPER: Cheung Kong (Holdings). SIZE OF FLATS: 576 to 820 sq ft for standard flats; 1,180 to 1,750 sq ft for duplex units.

AVERAGE PRICE: $2,164 per sq ft on staggered payment; $2,034 per sq ft on lump sum payment. SALES AGENT: Kingswood Property Services. FACILITIES: Clubhouse with tennis and squash courts, pool, gymnasium, billiard room, sauna, table tennis. PAYMENT SCHEMES: Initial deposit $100,000. LUMP SUM: 30 per cent within 14 days, balance in one month. STAGGERED PAYMENT: 30 per cent down within four months, balance in six months.