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Kenneth Ko

Developers are racing to grab a share of the benefits from the government's property market stimulus measures by unveiling new sales offers.

The marketing responses have been mixed, with prices at two projects raised about 5 per cent and other developers offering new incentives or keeping existing terms unchanged.

Sun Hung Kai Properties (SHKP) yesterday announced the December 1 release of eight units in Tower One of Aegean Coast in Tuen Mun at HK$2,420 per square foot.

The price was about 5 per cent higher than that of units in other blocks at the project, Sun Hung Kai Real Estate Agency general manager Eric Chow Kwok-yin said.

The price increase reflected the better quality and views commanded by units in Tower One.

Mr Chow said talks were being held with banks on giving buyers a cash rebate. Analysts viewed such a rebate as a form of price discounting but Mr Chow said the offer was to meet market needs.

The project is a joint venture with Henderson Land Development and Luk Hoi Tong.

Cheung Kong (Holdings) said the first 12 units for public sale at Banyan Garden in Cheung Sha Wan would be sold at an average HK$2,673 per square foot for cash payment.

Sales manager Francis Wong said the price was 5.3 per cent higher than the average HK$2,538 per square foot for the first batch of units for internal sale.

Cheung Kong executive director Justin Chiu Kwok-hung said the group was reviewing the prices and terms of its projects.

Mr Chiu said one preferential scheme on the Banyan Garden sale, which offered a 25 per cent rebate on a 70 per cent bank mortgage, would be cancelled.

However, he said four new incentives had been introduced to attract Home Ownership Scheme applicants, HOS owners of less than two years, public housing tenants, government home-purchase loan borrowers and private-sector tenants.

The incentives included a free furnishing package, a HK$78,000 ParknShop coupon, 30 weeks' free accommodation in the group's hotels and Octopus tickets worth HK$72,000. Buyers could choose only one of the four.

Meanwhile Swire Properties has teamed with Hang Seng Bank to introduce a cash rebate equivalent to 9 per cent of property values to buyers of Ocean Shores in Tseung Kwan O.

Swire is offering a new batch of eight units at HK$3,268 per square foot.

Buyers can get a 30 per cent rebate on a 30 per cent mortgage on the property.

The preferential offer, designed to attract public attention to the project, is available until December 1.

New World Development and Asia Standard International have re-launched 20 units of their Bijou Apartments joint venture in Mongkok at HK$3,232 per square foot.

New World sales and marketing senior manager Barbara Ho said the price was similar to previous offers. The developers are offering new incentives including a mortgage subsidy and rental services.

Ms Ho also said New World intended to release the 1,148-unit Queen's Terrace in Sheung Wan before the end of the year. The project was estimated to be worth HK$2.8 billion.

Wharf (Holdings) announced a 30-month waiver of mortgage repayment to sweeten the upcoming sale of Sorrento phase two at Kowloon Station.

Kerry Properties has released the remaining 18 units at Ocean Pointe in Sham Tseng with an interest subsidy incentive.



Developers speeding flats to market