Buyers get red-packet discounts
Developers are tempting buyers with discounts and 'lai see' rebates at more than 20 projects during the Lunar New Year holiday.
Midland Realty executive director Victor Cheung said there was pressure on the developers to sell vacant units at already completed projects.
With the primary market oversupplied, agents expect some developers to extend the subsidies after the holiday.
Sun Hung Kai Properties has widened a discount of up to 20 per cent to all buyers of its Oscar by the Sea project in Tseung Kwan O. Previously the discount was limited to Sun Hung Kai Club members and Television Broadcasts employees.
The developer said buyers of other projects, including Park Central in Tseung Kwan O, Villa by the Park in Yuen Long and The Belchers in Pokfulam, would receive a cash rebate of HK$18,000.
New World Development is stepping up efforts to promote its Villa Carlton and Monte Carlton projects in Shamshuipo. Buyers will be entitled a cash rebate of HK$128,000.
Sino Land is offering a special mortgage subsidy for buyers of its Island Resort project in Siu Sai Wan, with a HK$1,800 fixed monthly repayment for the first two years.
Henderson Land Development, with 13 projects up for sale during the holiday, is giving away rebates of HK$68,000 and HK$98,000 to buyers, representing about a 3 per cent discount on home prices.
Agents estimated more than 150 units had been sold since the weekend.
