China Evergrande's Emerald Bay housing project in Tuen Mun is a sell-out as buyers find low prices, discounts hard to resist

By Lam Ka-sing and Cheryl Arcibal / | November 26, 2019 11:57 AM SGT
China Evergrande's first project in Hong Kong got off to a flying start, as investors were attracted by the relatively low prices and an easing of mortgage rules, upstaging rivals that saw relatively modest sales last week.
The mainland developer sold all 167 flats on offer at its Emerald Bay project in protest-hit Tuen Mun on Monday, which has 1,982 units, including 22 villas. The results were far better than those seen at CK Asset Holding's Seaside Sonata, Longfor and KWG Group's Upper Riverbank, and Great Eagle Group's Ontolo, as each of them sold less than half of their units last Friday.
Developers had put some 1,070 flats on the market over the past five weekdays.
"The [relatively low] pricing of Emerald Bay was a factor in attracting younger homebuyers," said Sammy Po Siu-ming, chief executive of the residential division at Midland Realty.
An aerial view of Emerald Bay, which is being constructed in Tuen Mun. Photo: Winson Wong alt=An aerial view of Emerald Bay, which is being constructed in Tuen Mun. Photo: Winson Wong
Buyers were drawn by the starting price of HK$3.18 million (US$405,642) for a 223 square feet 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.
Chiu, who only gave his surname and currently living in a Home Ownership Scheme flat, was among those who had queued up to buy a one-bedroom flat at Emerald Bay priced at around HK$4 million.
He said he was attracted by the high loan-to-value mortgage ratio and the stamp duty discounts.
Chiu, in his 30s, added that he was "not worried" about a housing market slump as "there would be [other] policies to boost the market" and suggested that the government cut stamp duty.
Meanwhile, a consortium comprising Kerry Properties, Swire Properties and Sino Land won a tender to develop a prime residential site next to Wong Chuk Hang MTR station, which would require a total...