Cheung Kong (Holdings) has rushed to lure home-buyers by offering a preferential loan scheme for its Victoria Towers development in Tsim Sha Tsui in the face of a rival project's imminent launch.
The 988-unit Victoria Towers is expected to go into competition with the Sorrento development of Wharf (Holdings) at Kowloon Station. Both projects' sale dates and prices have yet to be finalised.
However, Cheung Kong yesterday began enticing potential buyers through a home-purchase loan provision. Cheung Kong will lend buyers up to HK$1.2 million, or 25 per cent of the property price, in the form of a 30-year second-mortgage.
Cheung Kong executive director Justin Chiu Kwok-hung said the scheme would enable first-time home-buyers to purchase units at Victoria Towers.
He said some prospective buyers probably could not obtain as much as HK$1 million in cash in the short term and the scheme could help them.
The scheme would cut buyers' down-payment and monthly instalment burden in the first five years.
