Wheelock Properties has launched an agressive new marketing scheme in five projects that will allow buyers to start occupying purchased flats after paying a down payment of only 10 percent.
Buyers can confirm purchases after 1,088 days. Under the scheme, buyers need to pay 1 percent of the purchase price every 90 days during the promo period and the developer will provide a 3 percent discount once the buyer confirms the purchase 180 days earlier.
The marketing scheme starts on Sunday and will run until the end of this year. Meanwhile, it has set the selling prices for 73 flats in several projects and it will offer for tender 15 other units.
Executive director Ricky Wong Kwong-yiu said the company hopes the marketing scheme will stimulate purchases and lure buyers.
He said 73 flats on offer will enable the company to gross about HK$1.25 billion. He also said the company will start delivering this month flats to buyers at its Monterey project in Tseung Kwan O. The company has so far sold 764 flats in the project, grossing about HK$7.5 billion.
Meanwhile, prices in the secondary market have shown a high degree of volatility. A 592-square-foot flat in Kornhill Garden sold for HK$9.68 million or HK$16,351 per sq ft, setting a record high among deals involving home ownership scheme flats on Hong Kong Island. In contrast, a two-bedroom flat in Aqua Marine in Cheung Sha Wan sold below HK$8 million, 18.37 percent lower than a flat of similar size sold in the area early this year.