Evergrande’s Emerald Bay project flops for the second time
in two months as buyers stay away amid Hong Kong’s economic slump
China Evergrande suffered its second
sales flop in two months as Hong Kong’s homebuyers gave their collective cold
shoulder to its Emerald Bay flats in Tuen Mun, even after a 14-per cent average
discount.
The Chinese developer managed to
find buyers for 18 flats, or a mere 6.7 per cent of the 269 units on offer at
8pm, according to sales agents. A month earlier, Evergrande sold a third of the
first batch of Emerald Bay flats during the peak of the city’s coronavirus
outbreak.
Since then, Hong Kong’s daily
confirmed cases have fallen to single digits for six consecutive days, with two
new infections today, bringing the city’s total caseload to 1,023, with four
lives lost.
Still, that was not enough to
attract buyers, in an economy mired in its first recession in decades.
Unemployment is expected to rise in Hong Kong, as the services, hospitality and
retail industries bear the brunt of more than two months of stay-at-home
lockdowns, as city authorities try to contain the outbreak.
The cool
reception underscores the correction that is underway in the world’s most
expensive residential property market, a slump that still has some way to go,
even after the Hong Kong Monetary Authority slashed its base lending rate by 50
points on March 4 in lockstep with an emergency cut in the cost of money by the
US Federal Reserve.
Property investors, currently spoilt
for choice amid plunging prices and expectations of more projects in the
pipeline, will take their time to return to the market, real estate agent said.
“Buying confidence will gradually
return once buyers see that the coronavirus outbreak is under control,” the agent
said.
Phase Two of Emerald Bay, with sizes
measuring 223 to 314 square feet (29 square metres), were offered at between
HK$3.53 million and HK$5.67 million (US$731,500), or HK$16,700 per sq ft on
average after the developer kept the discount unchanged at 14 per cent.
The developer made payments easier
during today’s sales launch, requiring buyers to put down 5 per cent of the
property’s price as an initial deposit, with the remainder payable only when
they get their keys to the completed flats, scheduled for completion in August
2021.
The current sales slump is in stark
contrast to the sell-out success in October, when Evergrande launched its first
real estate project in Hong Kong with a flying start, selling all 167
apartments on offer in a day, out of 1,982 units including 22 villas for the entire
project. Buyers were then drawn by the starting price of HK$3.18 million for a
223 sq ft flat after discounts, or HK$14,260 per sq ft, with the developer
throwing in sweeteners, such as flexible financing plans, stamp duty discounts
and furnishing.
(South China Morning Post)
恒地中環擴版圖 7500萬購舊樓
市區舊樓物業具重建價值，恒地 (00012)在中環擴大收購版圖，上月中斥7,500萬元購入卑利街66及66A號舊樓，該廈樓齡已屆64年，相信為收購重建活動。
土地註冊處資料顯示，中環卑利街66至66A號全幢舊樓，以7,500萬元易手，新買家為樂晶有限公司，註冊董事恒地李家誠、李鏡禹、郭炳濠及馮李煥瓊。該項目地盤面積約1,270平方呎，劃為住宅甲類用途，最高可建樓面約6.4萬平方呎計，每平方呎樓面收價地價約1.17萬元。
原業主於2010年以5,900萬元購入該幢舊樓，持有10年，是次交易帳面賺1,600萬元或升值27%。
鰂魚涌濱海街舊樓 拒批建商廈
該物業鄰近發利樓，旁邊有不少舊樓，不排除日後將進一步擴大收購範圍，而恒地在周邊已有多個舊樓收購地盤，包括伊利近街錦棠閣將連同伊利近街33至47號舊樓計劃合併重建，預計可重建成10萬平方呎商住物業。
而鄰近堅道芬芳大廈亦已收齊業權正進行重建，3地盤將形成「凸」字布局。
另外，恒地及太古地產 (01972) 合作發展的鰂魚涌濱海街舊樓，發展商最近斥8,200萬元增購濱海街72至78號一籃子舖位，並計劃重建成商廈，惟城規會昨覆核審議後，拒絕該地盤重建商廈方案。
(經濟日報)
