ABN-AMRO has announced preferential lending conditions for flat buyers that included a reduction in the widely observed standard mortgage rate. The bank believed recent price reductions in the property market had decreased the risks to lenders. Other conditions of the package included extension of the normal loan period from 20 to 25 years and loans on buildings more than 15 years old. A RENTAL survey conducted by Richard Ellis between June and last month found rents in Hong Kong Island areas such as Pokfulam and Baguio Villas had fallen or were stagnant on serious lack of demand. However, areas such as Sai Kung and Yau Yat Chuen were enjoying increasing popularity and rental surges as residents sought better lifestyles in Kowloon and the New Territories. HALF-PRICED car parking spaces caused people to queue a day in advance for the registration period of Henderson Land Development's Winsome Park development in Conduit Road. The five to eight per cent discount on the flats also provided incentive and all 30 flats in the first batch were sold, as were a further seven in the second batch. HONGKONG Land Holdings announced a $150 million renovation plan for the Landmark arcade which would include replacement of the famous fountain. SINO Land appointed Jones Lang Wootton (JLW) as its joint leasing agent for Marina House, a new high-quality commercial development in Shau Kei Wan. JLW was also appointed joint leasing agent by Laws Property Group for a new industrial-office development in Cheung Sha Wan Road, Kowloon.
