Crystal Park takes off
KERRY Group and Sino Group have received a strong initial response to the upcoming sale of their joint venture residential development, Crystal Park, in Yuen Long town centre.
The developers are offering 68 flats from the twin-tower project at 50 Ma Tin Road for public sale at an average price of $2,335 per square foot.
In the first three days of registration, more than 280 prospective buyers had put their names down. The number of applicants is expected to rise with registration continuing until this afternoon.
Before the start of the public sale, the developers had privately sold 36 units in the project at slightly lower prices.
In view of the large number of unregistered buyers, estate agents said the public sale was likely to be oversubscribed by a factor of five and expected the developers to release additional units for sale.
Crystal Park is a twin tower 27-storey residential block, comprising a total of 432 units of 607 to 848 square feet.
Built on a 57,264 sq ft site, the project has a total development floor area of about 315,000 sq ft.
Bryan Chan, manager of Yuen Long branch at Ricacorp Properties, said prices at Crystal Park were reasonably set and within the reach of end-users.
Agents said Crystal Park prices were attractive and compared favourably with Sun Yuen Long Centre which is currently on offer at about $2,600 per sq ft.
Mr Chan said he expected buyers to snap up at least 80 per cent of the 68 Crystal Park units as soon as they went on sale. Developers were unlikely to raise selling prices much at future sales because property market sentiment was still sluggish.
Mr Chan said the secondary market in Yuen Long had been relatively quiet in recent months, and it could face further pressure as a result of the public launch of new projects.
Many home-buyers prefer buying new projects because of the preferential payment terms provided by developers, he said.
Kerry and Sino offer four different payment schemes for buyers of Crystal Park. Buyers using the lump-sum payment will get a two per cent discount on flat prices.
Buyers can also choose staggered payment and co-mortgage payment arrangements. Buyers using the instalment payment plan are required to pay a 6.5 per cent premium.
Under the co-mortgage payment scheme, the developers will provide an extra 10 per cent mortgage loan on top of a 70 per cent bank loan. The top-up mortgage will have a repayment period of seven years at prime rate plus two per cent.
The Crystal Park flats come with two or three bedrooms with an efficiency ratio of 82.6 per cent. The units will go on formal sale on Saturday. Bank of China, Hongkong Bank, Standard Chartered Bank, Hang Seng Bank, Dah Sing Bank and First Pacific Bank will provide up to 70 per cent mortgage finance.
FACT FILE DEVELOPMENT: Crystal Park, a twin-tower residential development at Ma Tin Road, Yuen Long. DEVELOPERS: Kerry Group and Sino Group. SIZE OF FLATS: 607 to 848 square feet. AVERAGE PRICE: $2,288 per sq ft on lump sum payment; $2,335 per sq ft on staggered payment and co-mortgage scheme. REGISTRATION PERIOD: June 24 to June 28. DATE OF OFFICIAL SALE: July 1. TOTAL NUMBER OF FLATS: 432 units in two blocks. OCCUPATION: Expected in July. FACILITIES: Clubhouse with swimming pools, tennis court, gymnasium, sauna, squash court and billiard room, and 62 car parking spaces. PAYMENT SCHEMES: Initial deposit of $160,000 or $200,000.