Cash purchase discounts at Park Central

PUBLISHED : Friday, 02 November, 2001, 12:00am
UPDATED : Friday, 02 November, 2001, 12:00am

A consortium led by Sun Hung Kai Properties is selling the first 16 units of its Park Central residential project in Tseung Kwan O slightly below market value - at HK$2,790 per square foot for cash.

General manager of SHK Real Estate Agency Eric Chow Kwok-yin said the developers eventually hoped to raise the cost to HK$4,000 per square foot.

Mr Chow expected to realise about HK$2 billion from a sell-out of the 736 units in the first two blocks of the project - a joint venture with Henderson Land, Chinachem Group and Nan Fung Development.

Phase one provides 1,872 units.

The developers are offering a second mortgage of up to 25 per cent with principal and interest repayments waived for the first two years.

Buyers who shun the second mortgage package will get a price discount of about 3 per cent. The staggered payment scheme will cost a 6 per cent premium. The public sale is on November 11.

Meanwhile, Chinachem Group sales manager Ng Song-mou said it would later this month launch its 508-unit Marbella residential project in Ma On Shan.