Monday, November 19, 2018
Martin Hennecke

Kerry offers mortgage plan
Kerry Properties (0683) will offer for sale within a week 143 flats in its Mantin Heights project in Ho Man Tin and it hopes sales to be driven by its mortgage finance offer of up to 80 percent of the value of the units.

Flats on offer, including 59 one- bedroom units, are available from HK$8.68 million to HK$30.8 million, with price discounts of up to 15.4 percent. The price per saleable square foot is from HK$20,258 to HK$31,411.

Unders its "1+2 mortgage plan," home buyers only need to pay interest to a designated finance firm on 70 percent of the mortgage during the first 15 years. The developer will provide an extra 10 percent mortgage to the buyer. Two designated finance firms are offering a prime rate of 5.25 percent and a 1.5 percent discount on the rate is to be applied during the first three years.

Chu Ip-pui, executive director at Kerry Real Estate Agency and Kerry Property Management Services, said he is confident of sales prospects due to lack of supply of large flats.

Meanwhile, Sun Hung Kai Properties (0016) launched its Cullinan West II project in Sham Shui Po, which will provide about 1,100 flats with sizes from 269 sq ft to 1,509 sq ft. SHKP deputy managing director Victor Lui said the group expects to publish the first price list for about 200 units before Friday this week.

Some investors in the Novum East project in Quarry Bay forfeited an initial combined deposit of HK$800,000 for two flats, one a 300-sq-ft unit and the other, a 384-sq-ft apartment.

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