Sino Land building on strong weekend
Sino Land's release of its Grand Regentville residential project in Fanling on Saturday will be the first public test of market sentiment since the terrorist attacks on the United States.
Analysts said the launch of the first new project for public sale since September 11 was apparently to take advantage of the latest interest-rate cut which drove the mortgage rate down to about 3 per cent. Last weekend the company received a strong response to internal sales.
A Sino Land official said about 200 flats, representing all the Grand Regentville units for internal sale went between Saturday and Tuesday.
On Saturday only eight units will be available for sale on a first-come first-served basis but eventually all the remaining flats in the 662-unit project would be released for public sale.
Saturday's units are between 607 square feet and 722 sq ft on the higher floors of Tower Seven and have an average price of HK$2,608 per square foot. The official said the average sales price for internal units was HK$2,600 per square foot but the highest prices were about HK$3,700 per square foot for units with sky-gardens.
Meanwhile, he said the long weekend saw Sino Land sell the remaining 30 units of Island Resort, in Siu Sai Wan, and its Olympic Station residential development.
Separately, Cheung Kong (Holdings) is announcing details today of its launch of Caribbean Coast in Tung Chung.
Midland Realty executive director Victor Cheung Kam-shing said with a 3 per cent mortgage interest rate and possible new subsidised housing loan approvals, transactions this month could rise 20 per cent.
