Bank of China

Project relaunch proves popular

PUBLISHED : Wednesday, 07 April, 1999, 12:00am
UPDATED : Wednesday, 07 April, 1999, 12:00am

Sino Land has sold 50 units since Friday in its Island Harbourview project above the airport railway's Olympic Station.

Buyers were attracted by mortgage rates at or below the prime lending rate and the possibility of 85 per cent financing, said property agents.

The Sino Land-led consortium had taken advantage of improved market sentiment since the Lunar New Year to relaunch the Tai Kok Tsui project, they said.

The agents estimated the consortium had sold about 80 per cent of the total 2,340 units before the relaunch.

They estimated the developer was trying to sell about 200 to 500 units this time.

'Many people who could not buy a flat in [Cheung Kong's] Laguna Verde project in Hunghom ended up out at Olympic Station,' said Henry Ho, Midland Realty sales manager for West Kowloon.

He said the projects were similar because they both provided luxury units with good sea views.

Banks were offering mortgages as low as 8 per cent - 0.75 percentage point below the prime rate - for the first six months of the loan, the agents said.

Buyers were also enticed by 85 per cent financing offered by Nan Fung Finance.

The mortgage lending ceiling has been increased from 70 per cent to 85 per cent of a property's value following the launch of an insurance scheme by the Hong Kong Mortgage Corp.

A Sino Land official said all of the remaining units in blocks one to 10 were now for sale.

Average prices ranged from $4,600 to $5,000 per square foot.

Prices varied depending on whether the flat had a garden or sea view, and whether it was on a low or high floor, the agents said.

But, they said, buyers could also negotiate a 1 to 2 per cent discount.

As a result, prices were slightly lower than the last batch of flats that were released in January.

Flats in the development range in size from 609 sq ft to about 1,215 sq ft.