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Kenneth Ko

PROPERTY big brother Cheung Kong (Holdings) is undoubtedly the most aggressive developer at present in marketing and promoting residential projects.

  It was the first developer to hold open-day activities for potential homebuyers - at the construction site of its Kingswood Villas development in Tin Shui Wai. Last weekend, homebuyers were treated to free helicopter rides over the development.

  Cheung Kong intends to apply for an entry in the Guinness Book of Records after selling at least one apartment a day for 100 consecutive days.

  An entry in the Guinness Book of Records might merely be a gimmick, but it underlines the success of the marketing campaign for Kingswood Villas.

  Since the property market correction that began last year, Cheung Kong has taken the lead in introducing innovative marketing schemes to promote sales, refusing to be sidelined by sluggish market sentiment. Hotel-style services were first offered in the release of Cheung Kong's Bayshore Towers in Ma On Shan.

  The recent spate of standard mortgage rate reductions by banks was also preluded by mortgage discounts in the sale of University Heights in west Mid-Levels, a joint venture between Cheung Kong and Hongkong Bank.

  Marketing sweeteners and discount pricing might attract buyers during their introductory stage.

     Once these offers are standardise and widely applied in property sales, developers will have to find something else to lift buyers' appetite.

  Buying interest is still sluggish, in spite of these extensive promotion campaigns and sweeteners.

  The number of new projects to go on sale has fallen since the beginning of August, after the successful sales of many large projects, including Kingswood Villas, between June and July.

  Only four major developments were put on sale last month, comprising about 700 units. They included University Heights, Kingswood Villas, Villa Camellia and Classical Gardens.

  Response to these new sales has been slow. Only if developers release properties at below-market prices will potential buyers come forward and purchase.

  Recent sales include Wheelock Properties' Parc Regal in Ho Man Tin, Hang Lung Development's Parc Versailles in Tai Po and Henderson Land Development's Flora Plaza in Fanling.

  Wheelock has offered buyers a 20 per cent top-up mortgage finance for Parc Regal buyers to boost sales. It is also releasing a new batch of units in its Parc Oasis project in Yau Yat Chuen.

  Henderson is offering 128 more units for sale after an sell-out of 208 units in Flora Plaza last Sunday.

  The project apparently found buyers' support with its below-market pricing, at about $2,800 per sq ft, but the developer is cautious about raising prices.

  Some developers release their properties for internal sale to test buyers' response when market conditions are uncertain. Sun Hung Kai Properties is selling privately penthouse units in Royal Ascot in Sha Tin, and Sino Group is offering its Haddon Court in Mid-Levels for internal sale.

  Meanwhile, Nissho Iwai HK and Sun Hung Kai Properties have launched the sale of their joint venture development Stanford Villa in Stanley at $7,600 per sq ft.



Cheung Kong sets trend in drive to find buyers