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Peggy Sito

THE latest 91 units in Wheelock Properties' Parc Oasis development in Yau Yat Chuen were nearly all snapped up yesterday on the first day of their official sale.

   Buying interest remained robust, despite Wheelock's chaotic sale last week.

   That sale saw the developer violate the rules of the game by accepting offers for 179 units at Parc Oasis before yesterday's official launch date.

  More than a hundred people had gathered outside Parc Oasis' sale office by Monday night, many queueing since Saturday, to wait for yesterday's sale.

  One estate agent said: 'They were lured by the competitive price and preferential payment terms arranged by the developer.'     The 91 units in Towers 26 and 31 at Parc Oasis put on sale yesterday were priced at an average $5,257 per square foot, an increase of three per cent from last week.

  But the amount was slightly lower than the $5,300 to $5,400 per sq ft the units could command in the secondary market.

  The asking price was also 19 per cent lower than an offering in April of this year, and more than 40 per cent lower than the $9,000 per sq ft levels asked in early 1994, when the market was at its peak.

  Estate agents said the below-market prices for the latest units placated home-buyers who were upset that Wheelock last week sold all the units that should have been up for grabs yesterday on a first-come, first-served basis.

  Early last week, Wheelock announced it would sell the first batch of 90 Parc Oasis units in Towers 29 and 32 at an average price of $5,100 per sq ft - nearly 10 per cent below the market rate.

  The attractive offer lured a large number of buyers to Wheelock's sales offices.

  The developer explained that the sale was aimed at tackling potential problems created by the buying frenzy.

  Jeff Lo, Midland Realty's assistant general manager in Kowloon district, said the special mortgage scheme provided by Wheelock was an attractive sweetener for buyers. The developer introduced a 20 per cent top-up mortgage scheme for home-buyers, and eight banks agreed to provide preferential mortgage terms for up to 25 years at discount rates of 10.25 to 10.5 per cent.

  Repayments will be deferred for the first three years of the 20 per cent second mortgage.

  Wheelock announced on Monday that 60 per cent of the buyers had applied for the 20 per cent second mortgage loan.

  He said the strong demand would put pressure on selling prices and transaction activities in the secondary market.

  His opinion was shared by Jimmy Ko, sales supervisor of Vico Property Agencies.

  Mr Ko predicted that the secondary market in the district would enter a dormant period for a few months.

  But he did not expect a substantial drop in selling prices, because flat owners were unwilling to cut prices.

   Many bought flats at prices ranging from $6,000 to $9,000 sq ft and would suffer losses if they sold the units at the current market level, he said.

DEVELOPMENT: Parc Oasis, a 32-block residential development in Yau Yat Chuen, Kowloon FACT FILE: DEVELOPER: Wheelock Properties NUMBER OF FLATS ON SALE:91 apartments in Towers 26 and 31 SIZE OF FLATS: 651 sq ft to 1,033 sq ft AVERAGE PRICE: $5,257 per sq ft DATE OF OFFICIAL SALE: September 26 MARKETING AGENT: Harriman Realty Co PROPERTY MANAGEMENT COMPANY: Harriman Residential Management FACILITIES: clubhouse with table tennis room, tennis court, function rooms, swimming pool, etc; PAYMENT SCHEMES: cash payment:-10 per cent initial deposit  - 90 per cent balance payable within 30 days upon signing the agreement for sale and purchase.

  Special co-finance mortgage payment:  - 10 per cent initial deposit  - a 20 per cent top-up second mortgage provided by the developer, of which neither repayment nor interest is required for the first three years.

 - the balance of 70 per cent to be arranged by bank mortgage loan at a discounted rate of 10.25 per cent to 10.5 per cent.



Strong demand shown for Parc Oasis units