Sun Hung Kai Properties

SHKP unveils Park Central rebate

PUBLISHED : Saturday, 12 October, 2002, 12:00am
UPDATED : Saturday, 12 October, 2002, 12:00am

Developers of Park Central in Tseung Kwan O have teamed up with two banks to offer a substantial cash rebate to buyers, effectively cutting prices by 9.2 to 12 per cent.

The price cut is seen as a reflection of the sluggishness of buying activity and keen competition among developers, despite the government's recent pledge to introduce new measures to prop up prices.

Sun Hung Kai Properties (SHKP) announced yesterday the release of the first 16 units at Block 12 of Park Central at a listed price of HK$3,300 per square foot.

Sun Hung Kai Real Estate Agency general manager Eric Chow Kwok-yin said the listed price was slightly above the average HK$3,100 to HK$3,200 per square foot charged for units in the project's first two phases.

But a cash rebate, equivalent to 21 per cent of a 70 per cent bank mortgage, will be provided to buyers securing mortgages from Dao Heng Bank or ICBC (Asia).

The rebate represents an effective 14.7 per cent discount on the property prices, which brings the average price down to HK$2,815 per square foot.

Mr Chow denied it was a price cut, saying instead it was a special payment scheme lined up with only two banks, with 200 buyers entitled to the rebate.

With the rebate, the selling price would be even more attractive, he said. Buyers purchasing units in the first two phases could also enjoy the rebate.

Ricacorp Properties' Tseung Kwan O area manager Pinkey Lau said the listed price was slightly above the market rate but the effective price, after including the cash rebate, was attractive.

Secondary market activity in Tseung Kwan O was expected to slow as buyers turned their focus on primary sales, agents said.

The latest Park Central offer will go on sale on October 26. Registration of buyers began yesterday and will continue until October 23.

Mr Chow dismissed concerns about the large supply of flats in Tseung Kwan O, saying housing take-up was strong in the area.

Mr Chow said SHKP had sold just 10 units at its Aegean Coast project in Tuen Mun since the price was raised by 3 per cent on Monday.