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Those who have been sitting on their hands since the property crash of 1997 are being enticed into action by ever-more seductive offers from developers.  

With several new projects coming on the market in West Kowloon in the next couple of years, this is one area where developers have stepped up the competition to lure buyers. 
Banyan Gardens, Liberte and Metro Harbour View in West Kowloon offer abundant new supply in an area targeted for more development.  
According to agents, the relatively low prices combined with superior recreational facilities are attracting young professionals with small families.  
Improved transport networks and additional building in future make the area a long-term bet for property investors. 
Attractive marketing has added to the appeal for buyers in an otherwise sluggish residential market. Banyan Gardens, developed by Cheung Kong (Holdings), offers the 2013 Special Mortgage Deal, under which buyers only need to pay 80 per cent of the mortgage and the first down payment. The developer pays 20 per cent of the first and second mortgage for the first 10 years, plus 20 per cent of the initial down payment. All that amounts to a 9 per cent reduction on the listed price. 
Metro Harbour View (Henderson Land) has an ingenious One Price scheme similar to that offered at Sky Horizon in Tung Chung, which drew large crowds late last year. 
All flats of the same size in the same development are on sale at the same price, making comparisons between projects easier and simplifying decision-making for buyers. 
The flats are on different floors and have different views and orientation, meaning buyers will want to be first in the queue in order to get the best flat for the same price. It is a psychological strategy that appears to have paid off. 
Liberte, developed by Sun Hung Kai Properties (SHKP) and Shun Tak, has taken a subtly flexible Open to Offer approach. With room to negotiate, buyers get the feeling they have picked a bargain.  
Price is not the only weapon in the war for customers - there is also quality. All three developments have paid attention to sumptuous clubhouses and shopping facilities.  
Banyan Garden boasts a 180,000 square foot recreation area with lakes, landscaped gardens and waterfalls. The garden is surrounded by trees and lawns, and there are indoor and outdoor swimming pools.  
SHKP's Liberte matches the five-star luxury and is next to Banyan Garden - both are built on what used to be the Shun Tak ship yard. Liberte offers a 170,000 sq ft landscaped garden with an equally impressive clubhouse. The developments are a three minute-walk from the Lai Chi Kok Mass Transit Railway station.  
Metro Harbour View, developed by Henderson Land and Hong Kong Ferry, is built on what used to be the Yau Ma Tei shipyard. It includes a 200,000 sq ft leisure complex with two clubhouses and landscaped gardens, which are as luxurious as those offered at Liberte and Banyan Garden. 
These developments are oases among the older, low-rise buildings which form much of the surrounding view, with some of the higher floors offering harbour views. 
The Liberte and Banyan Garden have industrial surroundings with an abattoir, a wholesale poultry market and a wholesale vegetable market nearby. But there are plans to re-develop the area to contain more residential and commercial projects. 
Metro Harbour View has parks with greenery on either side, and views of run down low-rise buildings.  
Plans are also under way to improve transport links to the three developments. Liberte and Banyan Garden have proposed building an air-conditioned underground tunnel connecting their developments to Lai Chi Kok MTR station, and Sham Shui Po MTR station is a short walk from Metro Harbour View, which will soon be able to use the West Rail.  
Size is a key consideration when making a choice between the three developments. Liberte's units range from 498 to 947 sq ft, while some penthouses are more than 1,400 sq ft. Banyan Garden units are of similar size, ranging from 608 to 978 sq ft. Metro Harbour View apartments are smaller, from 400 to 700 sq ft.  
An SHKP spokesman said Liberte had seen strong support, with the average price at HK$3,100 per square foot. Promotional and mortgage packages are part of the draw. The development will be ready for occupation in August. 
More than 1,500 units have been sold and there are 500 more available.  
Cheung Kong senior sales manager Francis Wong said Banyan Garden was priced similarly, starting at HK$2,800 per square foot. All units in the first phase, which would be ready for occupation in October, were sold out.  
Potential buyers would now have to wait until the end of next year for a new supply of flats in the second phase. 
Metro Harbour View is priced a little lower. A Henderson Land Development spokesman said prices ranged from HK$2,700 per square foot for the smallest units, to HK$3,300 for the largest. The first phase will be ready for occupation next month and about 1,700 units had been sold.  
Pang Shui-Kee, at SK Pang Surveyors, said: 'Younger home-buyers are attracted to these developments because of the cheaper prices offered, but this is only true for lower level flats. The developers have managed to sell a lot of lower level flats, but the prices are raised dramatically for higher floors.' 
He said many people had been put off by prices on the higher floors, making it difficult for developers to sell units.  
Because the developments are similar and are built by big names, competition is fierce.  
SHKP property consultant Gary Lam said: 'Metro Harbour View and Banyan Garden are our main competitors, especially Banyan Garden because it's located directly behind Liberte.'  
He said with so many similar selling points, buyers would include the reputation of the developer as well as price, facilities and location when making a decision.



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