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Kenneth Ko

THE lower-than-expected pricing for Parc Royale may draw a respectable response from buyers looking for larger-sized flats in Sha Tin, say estate agents.

  Wheelock Properties, Sino Group and China Overseas Land and Investment will sell the first batch of 60 units at Tower 8 of their luxury residential joint venture on October 22.

  The listed prices for the units average $3,905 per sq ft, lower than market expectations of about $4,100 per sq ft and below secondary market prices of new luxury flats in Sha Tin.

  The 60 three-bedroom units measure 991 to 1,203 sq ft. The developers will register prospective buyers from October 17 to 19.

  Ellen Cheung, sales supervisor at the Tai Wai branch of Centaline Property Agency, expected the Parc Royale sale to have an encouraging response because of the pricing and the limited supply of large flats in the district.

  She said the offer price for the new project was justified as the eight-year-old neighbouring development at Julimount Garden traded at $3,500 per sq ft.

  'Parc Royale is brand new. Buyers will prefer paying a premium for new units rather than buying seven-to eight-year-old flats at slightly lower prices,' she said.

  Ms Cheung said another comparable project was Royal Ascot in Fotan but its selling price was higher at about $5,000 per sq ft.

  Supply for large flats, ranging from 1,000 sq ft to 1,600 sq ft, was limited in Sha Tin so there was a strong buying demand, she said.

  Polly Wong, sales manager at the Tai Wan branch of Midland Realty, also predicted a good response because of pricing and preferential payment terms.

  She added that the 60 units did not have the best views in the project but they were not the worst either.

  Agents said prices of new luxury flats at Pristine Villa in the same district were as high as $4,700 per sq ft.

  Parc Royale comprises 640 units in 11 blocks, measuring from 975 to 1,603 sq ft, built in the so-called California-Mexican architecture style.

  Wheelock's managing director Ray Tse Chee-on said a sell-out of the project could generate sales proceeds of about $3.3 billion.

  He said there was an underlying demand for medium to large-sized units due to improved living standards and he expected the project to attract buyers within Sha Tin and other areas such as Tai Po and Fanling.

  Parc Royale's 43,000 sq ft clubhouse was unique in the district, offering comprehensive indoor and outdoor recreational facilities with a lush landscape, he said.

  With a limited supply of new flats, luxury residential prices in southern Sha Tin were firm with an average vacancy of as low as one per cent, he said.

  The developers have reserved another 60 units at Tower 10 for internal sale, but Mr Tse said these units had yet to be put on offer, subject to market conditions.

  Parc Royale buyers can secure a 20 per cent top-up mortgage from the developers in a finance scheme similar to the one used in the recent sale of Wheelock's Parc Oasis units.

  Wheelock recently drew strong buying interest for Parc Oasis in Yat Yat Chuen after cutting prices by more than 20 per cent to about $5,100 per sq ft.

  The 20 per cent extra loan has a maturity of up to 25 years and buyers will not be required to make repayments in the first three years.

  Eight banks will provide up to 70 per cent mortgage financing with a half percentage discount in standard mortgage rates. Parc Royale buyers are entitled to buy car parking spaces at a price of $390,000 to $430,000 each.

  Agents said the sale of parking lots at below-market prices would be a sweetener for the offering. Parc Royale is near the Kowloon-Canton Railway station in Tai Wai.

FACT FILE DEVELOPMENT: Parc Royale, a 11-block residential development in Hin Tai Street, Sha Tin DEVELOPERS: Wheelock Properties, Sino Group, and China Overseas Land and Investment NUMBER OF FLATS ON SALE: 60 at Tower 8 SIZE OF FLATS: 991 to 1,203 square feet AVERAGE PRICE: $3,905 per sq ft on lump sum payment REGISTRATION PERIOD: October 17 to 19 DATE OF OFFICIAL SALE: October 22 TOTAL NUMBER OF FLATS: 640 units in 11 blocks.

TOTAL AREA OF DEVELOPMENT: 755,770 sq ft COMPLETION DATE: January 1996 MARKETING AGENT: Harriman Realty Company FACILITIES: A 43,000 sq ft clubhouse with squash court, snooker room, gymnasium room and aerobics room; outdoor swimming pools, tennis courts and golf putting green; 960 car parking spaces.

PAYMENT SCHEMES: Initial deposit $388,800 Lump sum payment: 20 per cent down within 14 days; balance 80 per cent payable within 28 days. Top-up mortgage scheme: 10 per cent down; balance 90 per cent payable within 14 days. Banks provide up to 70 per cent finance while developers offer an extra 20 per cent.



Price boost for Parc Royale