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Peggy Sito

SUN Hung Kai Properties (SHKP) attracted nearly 8,000 visitors to its Royal Palms residential project in Yuen Long over the weekend, indicating strong buying interest, estate agents said.

  Agents said they expected about 80 per cent of the first batch of houses would be sold on the first day.

  The developer will launch 36 three-storey houses in Phase A of its Royal Palms development in Yuen Long for sale on January 27.

  The sale of Royal Palms units is expected to be a major source of capital for SHKP during the 1995/96 financial year.

  The project, covering a total area of 1.6 million square feet, comprises 424 three-storey houses, divided into two phases.

  Phase A consists of 224 houses of 1,958-2,471 sq ft, each with two parking spaces and private garden.

  Agents said visitors had flocked to view the development over the weekend due to the reasonable selling prices and the developer's favourable financing schemes.

  The average selling price per house is $2,300 per sq ft and for the garden and terrace $450 per sq ft.

  The overall selling price, including the houses and the gardens, is an average $2,554 per sq ft.

  Lawrence Wong Wai-wing, property agent Midland Realty's sales manager in Northern District, said the price was 5-10 per cent higher than second hand apartments in neighbouring Palm Springs - SHKP's other large development which was launched in 1993.

  Despite the higher price, home buyers would be attracted by the two special financing arrangements provided by the developer, said Mr Wong.

  'I expect about 80 per cent of the 36 houses will be sold on January 27, the first day of sale,' he said.

  SHKP's executive director Thomas Chan Kui-yuen said the company would offer a bridging loan for the first time through its subsidiary Honour Finance.

  He said buyers could apply for the loan irrespective of whether they were still paying a mortgage on their old property.

  Mr Chan said the company would also provide a second mortgage financing scheme which was interest free, and required no repayment of the principal for the first three years.

  Repayment for the second loan would be over a period of 20 years.

  Buyers who choose this option are required to pay a 6 per cent premium on the listed price. 'The group is confident that this will produce a good response from end users,' Mr Chan said.

  He said prices on the development had a strong upward potential adding that the completion of Route Three in the third quarter of 1998 would add to this.

  Centaline Property Agent senior supervisor at Fairview Park Branch, Kimmy Wu Lai-kwan, said Royal Palms used materials, facilities and designs which were better than those used in Palm Springs.

  The All-American design, the garden and the maintenance service would also attract buyers who were looking for a detached house with a spacious living environment, said Ms Wu. For the first time, SHKP will provide six types of garden for buyers to choose from.

  Landscapers will adapt these to suit the size and shape of the individual garden and provide all the necessary plants.

  Furniture can also be provided.

  The US style is carried through into a central landscaped area of 230,000 sq ft, which includes a Gold Rush Theme Park featuring models of carriages, cooking pots, and North American animals - all imported from the US.

FACT FILE DEVELOPMENT: Royal Palms, a residential development comprising 424 three-storey houses in Yuen Long DEVELOPER: Sun Hung Kai Properties NUMBER OF HOUSES ON SALE: 36 houses in the Phase A development SIZE OF FLATS: 1,958-2,471 square feet AVERAGE PRICE: $2,554 per sq ft DATE OF OFFICIAL SALE: January 27 NUMBER OF UNITS: 424 three-storey houses, divided into two phases. Phase A consists of 224 houses TOTAL AREA OF DEVELOPMENT: 1.6 million sq ft COMPLETION DATE: Phase A - December 31, 1995 Phase B - April 30, 1996 SOLE SALES AGENT: Sun Hung Kai Real Estate Agency MANAGEMENT EXPENSES: estimated to be $1.35 per sq ft per month PAYMENT SCHEMES: initial deposit $300,000. Lump sum payment: further deposit of 20 per cent five days after the initial deposit payment, the balance to be completed within a month.

Second mortgage financing scheme: further deposit of 10 per cent to be paid five days after the initial deposit payment, 70 per cent of the purchase price to be paid within a month. Developer will arrange a 20 per cent second mortgage which is interest free, and requires no repayment of the principal for the first three years. Repayment is over a period of 20 years. Bridging loan scheme: for which buyers can apply whether or not they are still paying the mortgage for their old property.



Buyers flock to Royal Palms units