Sun Hung Kai to offer 90pc mortgages for high income groups at Lohas Park project
In what’s believed to be an industry first, Sun Hung Kai Properties will offer aggressive mortgage financing targeting urban professionals
Sun Hung Kai Properties (SHKP) offered an array of financing schemes to draw potential buyers for its new project in Tseung Kwan O on Tuesday, including first mortgages of up to 90 per cent to “designated customers” such as doctors, dentists, lawyers and accountants.
According to the developer, the 90 per cent loan-to-value ratio for buyers of Wings at Sea in Lohas Park, will also extend to surveyors, veterinary surgeons, registered nurses, actuaries, chartered financial analysts, airline pilots, and Hospital Authority staff and civil servants who earn a monthly salary of at least HK$63,095.
In addition, buyers who opt for the “King’s Key Star” scheme will receive a three-year mortgage equivalent to 120 per cent of the flat’s value without the need to submit income proof. The 120 per cent finance plan applies to buyers who already own a flat.
The financing plan is much higher than the standard mortgage ceiling of 60 per cent for flats below HK$10 million, and 50 per cent for those more than HK$10 million.
“It is my first time to hear about such a scheme for professionals. The special financing scheme will accelerate buying demand from these high income groups,” said Denis Ma, head of research at JLL.
He said these professionals have the ability to pay the monthly instalments but may not have enough saved up to put a down payment of as much as 50 per cent for flats worth HK$10 million.